We bought our house with an FHA loan in July '09 and now want to apply for the 203K program to renovate to the house. Can we do this?

Asked by Bside, New Haven, CT Wed Nov 17, 2010

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4
, ,
Mon Apr 30, 2012
Hi Bside,

Yes you can but I would look around for some alternatives, FHA just increased the monthly mortgage insurance and its almost 3 times more expensive than what you're currently paying.
0 votes
Joseph Walte…, , New Haven, CT
Wed Nov 17, 2010
The last answer is incorrect. The FHA 203k program can be used to make improvements on a home you currently own. You can visit the webpage below. If you have any direct questions feel free to contact me @ 203-627-0495. Thanks Joe Walters Realtor & mortgae consultant
0 votes
, ,
Wed Nov 17, 2010
Hi, Bside. 203Ks are for purchases only. You'll have to do a FHA Cash Out Refinance.
0 votes
Jessica Wall…, Agent, Santa Cruz, CA
Wed Nov 17, 2010
I believe that you can use an FHA 203k loan to refinance and do repairs on a home. I just took an FHA class yesterday and that is what they presented. Contact your local FHA 203k lender to find out more.
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