Can an FHA 203k loan be used for a refinance?
By Mike Young, FHA 203k Consultant 916-758-1809 cell direct
(203kOnLine.com, covering the USA)
Can an FHA 203K loan be used for a refinance project?The short answer is absolutely yes. Is a couple scenarios that we're seeing prevalent in today's marketplace.1) the first scenario is that you, as a Realtor, may have sold a home to somebody who needed work. It wasn't quite the house they wanted, but they felt they could get by with it and fix it over some time. You and I both know that won't likely happen. This family likely has a life, and life goes on. In the hustle and bustle of everyday life, you have to decide what will get done and what won't be done, and quite often, the home doesn't get repaired as quickly as everybody had hoped or thought it might be.This is ideal for a FHA 203K refinance project. The owners of this home can refinance and get the money to repair the house on...
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