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FHA 203K Rehab Loan- Scenario- Adding Square Footage
FHA 203K loans are great for borrowers who are looking to refinance and also for purchases.  I wanted to use this blog, and the next few posts,  to show you examples of how you can use the fixer upper loan for certain situations. 
A customer of mine who has owned her home for the last 4 years decided to contact me about adding on some square footage.  See in her community there are many homes that have 2 levels and the average square footage was around 2,000 square feet.  When she came to me her home had 1,050 sq ft and only one bathroom.  She asked me for a solution and I explained to her how a FHA 203K rehab loan worked and how it could benefit her and her daughter.  Using this type of loan we were able to have a contractor put a bid in for $38,000 to double the square footage of her home and add on an additional bathroom.  She only had a rancher and now her home has a second floor and its has increased the value by almost $75,000. 
Yep, its amazing- by doubling the size of her home, adding on a bathroom, giving her ... more

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