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FHA 203(k) loan for House already owned

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FHA 203(k) loan for House already owned

Has anyone here gotten one of these loans to refinance a home you currently owned? Where would I go to get one of these type of loans? Both my CU's dont offer these I just saw. Any loan officers on here that could possibly help?
Message 1 of 6
5 REPLIES 5
Valued Member

Re: FHA 203(k) loan for House already owned

We did a 203 (k) through Wells Fargo and were able to renovate our Kitchen

Message 2 of 6
Contributor

Re: FHA 203(k) loan for House already owned

Was it a pretty simple process with them? This is our first home, and I dont know anything about refinancing. Do you have to put a down payment down even though you already own the home? Closing costs are the same as a regular home? Thank you so much
Message 3 of 6
Frequent Contributor

Re: FHA 203(k) loan for House already owned

You might also want to check out the "HomeReady" and "HomeStyle" Renovation loans....

 

These are Fannie Mae and Freddie Mac's Conventional versions of the 203K program.

 

They do have income limitations in some areas, but they don't have the 1.75% FHA funding fee, plus they have discounts on the PMI. Also they will go up to 97% LTV.

 

Great programs for renovation projects.

 

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 4 of 6
Frequent Contributor

Re: FHA 203(k) loan for House already owned

No down payment required...

 

They use current equity and/or future equity (value after the remodel)

 

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 5 of 6
Contributor

Re: FHA 203(k) loan for House already owned

I will absolutely look into that thank you! Only way we would have a down payment at this time, is to sell and buy another house. We wouls have between $45k-$50k that way. We just aren't sure which way to go yet. Renovate, or sell and buy something else. I'm feeling out all our options. I did the math last night, and if we do sell, we could possibly go into a new house almost debt free if we use our profit to pay off my husband Camaro and my line of credit. Our credit cards will be paid off in Feb, but my husband just got a 2018 Camaro SS 1LE a few months ago. We could pay that off, its $799 a month and my $5k-ish line of credit and only have my $280 car payment and the new mortgage. That option is sounding pretty good right now to me. My husband likes our home though, other than not enough bedrooms for our kids. It also needs new siding and windows.
Message 6 of 6
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