Finishing my basement options

[Kevin Tyrone wayman sr]

hi, Bigger Pockets,

    i live in Dover de.  were rooms are very big and in demand.  want to finish my basement with 4 bedrooms and 2 baths with kitchen and laundry.  much like a dorm setting.  I live close to the university and 2 other colleges.  I get calls all the time even while I'm typing this post for rooms for rent.  50k would do the job completely. I'm trying with no results to find a way.  help

[Kevin Romines]

Consider an FHA203K loan or a Fannie Mae Homestyle Renovation loan. I like the Fannie Mae just a little better because the mortgage insurance is cancellable where as the mortgage insurance on the FHA loan is not. So the only way you have to get rid of the MI on the FHA loan is to refinance it to a Fannie Mae after the reno is done.