What kind of financing should I get?

[Vicky Mak]

Hi,

I'm new to BP and first of all, thank you for reading this post. I am planning to do a renovation to my existing primary residence which will add an additional room to the location + some spaces will get moved around. The rough cost is about 250K and I'm not sure what is my best option to borrow.  There are so many programs out there and all of them sound just about the same (of course, there're fine prints that I didn't drill down to the nitty-gritty). Any insight into my situation would be greatly appreciated. 

Here are the details:

Your goals and story:  Want to do a reno/addition to the current primary residence

Type of property: Single family home

Location of property: Alameda County, CA

Purpose of financing: Reno / Construction

Type of financing sought: Not sure

Current or prior ownership of real estate: none

Occupancy: owner-occupied

Value of property at present and/or your offer price: $1m

After repair value: $ 1.2m

Anticipated or actual appraisal issues: No

Current rents per month: $n/a

Fair market rents per month: $ n/a

Down payment or equity: 100% equity

Source of down payment funds, if applicable: n/a

Income Source: Salaried/hourly W2

Gross monthly income (optional): $

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $ 1000

FICO: Excellent

Credit issues: N/A

Additional details: