Home Addition Financing

[Mike Forte]

Hey everyone, I hope I am posting this in the correct forum but here it goes. My wife and I are currently kicking around the idea of putting an addition onto our house and I have been trying to figure out the best way to go about financing the project. If we can’t successfully do this addition, were inevitably going to have to find another home in the coming years since were quickly outgrowing the one we’re currently in.

We currently owe approx $151k on our current mortgage and after the addition I am taking a shot in the dark and estimating that the appraised value of the house would be around $300k if I did the comps around the neighborhood correctly. I have looked into the possibility of a construction loan but don’t know if the amount of money I get out this type of loan would be enough to complete the addition.

If anyone has done this in the past or has any further insight as to how I could possibly get this done, your information would be greatly appreciated!

Thanks everyone!