Remodel & Renovate in 94526>Question Details

Danat526, Renter in San Ramon, CA

is FHA 203k loan for remodel possible if we already bought the house and already have a mortgage?

Asked by Danat526, San Ramon, CA Mon Jul 2, 2012

is the fha 203k loan only available when you buy a home? we already have a mortgage on a house in Danville that we bought 3 years ago. could we still get a 203k loan separately to remodel the home? we would need about $100k.

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Answers

2
Claudia Muller Gravelle’s answer
Absolutely you can. You will need to have the plans (with a complete materials list) before the appraisal can be completed.
You will need to utilize a licensed contractor.
Once the work is completed, you can refinance into a non FHA loan, as well.
0 votes Thank Flag Link Tue Jul 3, 2012
Yes, you can refinance into a 203k loan.

Best of luck
0 votes Thank Flag Link Mon Jul 2, 2012
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