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Mortgage Options in Texas for Adding on to Existing House


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Some information:

1. Existing Mortgage is $178,000 House appraises at $272,000 before remodeling. Current loan is conventional with 5.25% rate and want to refinance anyway

2. Our Joint income is about $262,000, our DTI is about 20%, Our credit scores are 700 me and 740 her. Utilization might be high but not sure how much of a negative this is.

3. I am VA eligible

 

We want to remodel and add on to our existing home. The work will cost about 80-100,000 and will add some square footage but also includes some landscape work. Not sure of reappraised value but estimate it to be in 315-325K range

 

We don't want to put a lot of cash upfront but could put up to $15,000

 

What are our options Conventional and VA?

Edited by walterg55
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