Refinance question
Hi everyone, happy new year! I have a home repair and 203b refinance question. Will the current condition of my house prevent me from refinancing my current FHA loan to a 23b loan if I fail to meet FHA guidelines given it's current state? by xavier184 from Long Island City, New York. Jan 18th 2023
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
It can, depending on the condition of your home. If you need to make repairs, you can always switch to a FHA 203K renovation loan. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states | www.yourtexasmortgagelender.com|Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
You CAN refinance the current FHA loan into a new FHA 203k rehab loan, and use the proceeds to update / upgrade the property. You can also look into a Fannie Mae Homestyle rehab loan, which is very similar. I lend in MN, IA, ND, SD, and WI. Find me at FirstTimeHomeBuyer-MN.com, although I do all loans, including rehab loans, not just first time buyers. | Cambria Mortgage | NMLS 274132 | (651) 552-3681
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