Can I replace the foundation with a 203k loan?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
Can I replace the foundation with a 203k loan?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. There were many homes that were built with poles that were placed in the ground and then they ran joists between the poles and built thse house up from there. We have seen rock or stone foundations that were in pristine condition and concrete perimeter foundations that h...
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