i have a conventional loan but would like to make repairs

Yes, you can refinance into a 203K in order to make the repairs. The 203K is a little pricey, so you will want to make certain this is the right path to get the money you need for repairs. There are 2 types of 203K - Streamline: Maximum of 35K and no structural repairs, or the Full, which allows for expanded improvements/repairs. The process is not difficult, and fortunately there are very specific guidelines as to how to go about obtaining a 203K. Just get with a loan officer that has experience with these.

Yes... it would be a full up refinance with an appraisal, and contractors bids, etc.. . but you might want to consider other options.. FHA charges 1.75% upfront, and 1.35% annually for mortgage insurance.. It's VERY expensive.. a 2nd mortgage or a Home Equity Line of Credit (HELOC), could be a better option for you.. they are easier to qualify for, have fewer closing costs associated with them, and with a HELOC, you apply once and you have unlimited access to the funds without having to re apply each time you tap into it.. both the HELOC and 2nd mortgage require you have a certain percentage of equity, usually 20% or greater, so if you do have the equity, it might be the way to go.. if you do not, then the 203K would be a good option, but again, it will be expensive.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes, you may refinance with an FHA 203k loan.

Depending on the amount of equity you have in your home, you would be best advised to look at a cash out refinance (if your home is in decent condition and would appraise.) While I am a big proponent of the 203K (or 203K streamline), the monthly mortgage insurance premium over the life of the loan, as well as the upfront mortgage insurance premium can make the cost of the 203K overbearing when a cash out or home equity loan would do the trick.The other option, depending on the current rate of your mortgage as well as your credit score and amount of repairs, would be to take a personal, unsecured line of credit. If you have taken advantage of the low rates over the past couple years, then you may not want to refinance into a higher rate 1st mortgage for repairs.

Rich has provided a very solid answer - and the only addition I would make would be to add Barb's comment, of finding a local, licensed mortgage professional to review all the information and costs. Then you might find thatgoing to your bank or credit union might be best, but you need to get specific answers to your situation first.

Yes, you can refinance your current conventional loan with an FHA 203k loan and make the necessary home repairs.

Absolutely!

Generically speaking, yes, you can refinance your conventional loan into an FHA 203k loan to make repairs. But talk to the local mortgage broker down the street for your best options...