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Message
re: Building new home on current lot
Posted on 6/10/20 at 11:12 pm to Tkbk
Posted on 6/10/20 at 11:12 pm to Tkbk
quote:
I dont know what happens with the equity that I currently have in the house: does that go away
Yep. Just like if it burned to the ground and you had no insurance.
You now own a vacant lot. And you still owe the rest of the mortgage debt.
0
Posted on 6/11/20 at 12:26 pm to SDVTiger
quote:
Fha 203k rehab loan
No! From a 25year mortgage industry professional.
A much better renovation refinance mortgage is the conventional FNMA Homestyle. You can do a a major renovation with this product, avoid the FHA 1.75% upfront PMI fee, avoid the mandatory FHA monthly PMI , never goes away like conventional at 80% .
However, as others have said, you will probably lose your arse on this because you'd be the largest most expensive home in neighborhood and not be able to appraise .
Find a resale that fits your needs. Rates TODAY are the best all year. I'm licensed in AL & FL you can get under 3.00% for 30yr fixed today.
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