Hello Katec, you could purchase with a standard 203k loan and include the remodeling in the purchase loan. The loan requires a cost/material consultant to coordinate any requirements of permits to be pulled by the contractor doing the remodel.
The estimate would of course vary by extent of the remodel, square footage added, upgrades of materials, roof add on - pitch, etc. Estimates will be needed from each trade of the work needed such as flooring, plumbing, framing, drywall, electrical, paint, etc. You can include up to 6 months of payments while the construction is going on if the property is in-inhabitable during the remodeling construction.
You may qualify for the 203k loans from a minimum 580 fico score and up to the maximum FHA loan limits of the county. Let me know if you have questions of the programs and the process. You may research 203k programs in the web reference below or click contact me on my profile.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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