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Remodel & Renovate in Stockbridge : Real Estate Advice

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Thu Sep 21, 2017
Cathy1660 asked:
We are remodeling a home that we purchased
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Wed Aug 12, 2009
Russell Mahrt answered:
If you get a mortgage to buy the home, the home is collateral for the loan and your lender will have a problem with you demolishing their collateral. You're best bet is to look for a construction loan where the lender understands ahead of time that you will be demolishing the existing home to build a new one. FHA has a great program called the 203k that is designed to rehab homes. It's not technically designed for a demolition and rebuilding, but there aren't many construction loans available. Your plans may fit into the program. Good lu ... more
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