Monday, October 19, 2015

Can I Replace the Foundation with a 203k loan?

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I have a 203K client that is starting the project from the foundation (pier and beam). During the estimate development process, the contractor selected is recommending replacement of all piers is that okay to replace all piers and still remain compliant with 203K rules?

Yes, it is. You can repair or replace a foundation with the FHA 203k and the HomeStyle Renovation Mortgage Product. This gives you options. We start with homes that have faulty or no foundations all the time.

This home had a foundation that you could actually grab a hand full and it would fall apart in your hand. The contractor was a bit older and didn't like bending over so much so he raised the house a little higher so he didn't have to bend over to work on it.