If I want to do renovations and qualify for FHA should I take out an FHA 203k loan?

If you have enough equity in the home you may not need to do a 203K Rehab program. We can loan up to 85% of the value for cash-out. Hope this answers your question. Brenda Sanders 307-237-7002

That will the ONLY way to finance the renovations.

An FHA 203K loan will cover renovation/improvements costs. However if you are planning on adding square footage to your home or making additions such as a pool, a 203K loan will not work.

Steven, are you purchasing a home or own a home that you want to do some remodeling. If you are purchasing the 203KFHA loan is a great deal. Your loan is the purchase price plus the renovation costs. If you stay under $35,000 and have no structural changes, it is considered a streamline 203K and has less paperwork. If over $35,000 or structural work, then it is a bit more complicated but my company uses another company to manage the construction side and has made it a lot smoother process. If you own the home and want to do renovations, then either a cash out refinance or a home equity loan would be your best bet. I am in Salt Lake City Utah and originate loans in Utah and Idaho. Call me if you are in either of these states. Linda 801.550.1222

Steve,Assuming that you are a buyer and want to be sure that you get the property you want through renovating, the 203K is an excellent product. Your purchase price and the renovations are included in one loan with one interest rate. It's not necessary to have a fixer-upper either, it can be used to add a bath or whatever you have in mind. It's certainly more feasible to include those costs with your mortgage as opposed to financing improvements down the road. If you are in the about-to-make-an-offer stage, it gives you some negotiating power because the seller does not have to make repairs that might be required by the appraiser. You also have the added security that the bank handles the draws and the work must be completed as specified. Love to tell you more! Becky at Southern Trust 267-439-6034/757-632-7889

too much info missing to properly answer your question but in general... 203K can be used for a purchase or a refinance.. but if your refinancing and you don't have FHA now, then you might consider a 2nd mortgage or a Home Equity Line of Credit (HELOC), rather than a new FHA 203K.. Rates and fees are higher with this type of loan, and because it's FHA, you will be paying the high monthly mortgage insurance that comes with it. Plus you will be limited to the types of improvements you can do... HELOC's are great because you apply once, yet you have unlimited access to your equity without having to apply each time, and you can do anything you wish with the funds.. .. 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

too much info missing to properly answer your question but in general... 203K can be used for a purchase or a refinance.. but if your refinancing and you don't have FHA now, then you might consider a 2nd mortgage or a Home Equity Line of Credit (HELOC), rather than a new FHA 203K.. Rates and fees are higher with this type of loan, and because it's FHA, you will be paying the high monthly mortgage insurance that comes with it. Plus you will be limited to the types of improvements you can do... HELOC's are great because you apply once, yet you have unlimited access to your equity without having to apply each time, and you can do anything you wish with the funds.. .. 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

It really depends on your individual situation: how strong your qualifications are, how much work you want to do, how much equity you have in the property now and your current mortgage rate (if you already own it), etc. There are a couple conventional renovation or repair escrow options that are often better choices for a well qualified borrower (at least 680 credit, 5% or more for a downpayment and not too much other debt...). pdumouchel@primelending.com 843.619.6025

More info is needed

too much info missing to properly answer your question but in general...

Your question seems to indicate more than one. FHA does not allow investor to in there home loan programs. They are intended to be owner occupied. More info is needed to properly answer your question.

A 203k Loan is your best bet to purchase a home and finance the repairs into the purchase. Call your local lender 411 loan professional.

OF COURSE Steven. Why the HECK not?

OF COURSE Steven. Why the HECK not?

203k is designed to buy a home, and either make improvements, or to bring the home up to an acceptable level. There is too much information missing here to answer your question. But the one big item about 203k, is you can't just get money... it has to make sense. While this example is a bit simplistic in nature, assume you buy the home for $150,000. You desire $30,000 in repair money. The lender will ask the appraiser to look at the house and the estimated repair, and will need to basically say that yes, after the repair the house will be worth at least $180,000 (the purchase price + repair costs). Just because you spent $30,000 in repair doesn't mean the value went up $30,000. www.JoeMetzler.com/fhaloans.htm