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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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TX has its own rules for cash out - you can get 80% of the current value with conventional -

with FHA you can do a 203k loan and get up to 80% of the estimated value after the completion of the work -

It is a rehab loan product that may fit -

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