Can I refinance an FHA 203k Loan at a renovation completion?

hello Tim,if you currently have an FHA 203K Loan and are interested in refinancing the loan into a regular 30 year fixed loan - The answer is YES.The loan can be refinanced after the construction phase is complete. Depending on the Loan to Value you have a few refinance options.1. Streamline FHA refinance2. VA - up to 100% ( if you are a veteran)3. Conventional - Fannie Mae/ Freddie Mac ProductEach has its own pros and consFeel free to call or email me ernesto.marez@movement.com

The quick answer is yes. The longer answer is yes, but only if it makes sense. What did you pay, how much do you owe, what would it appraiser for today, what new rate could you get, how much are the new loans closing costs, what is your credit score.... See what I mean. Just because you can, doesn't mean it makes sense. Go sit down with a local mortgage broker in your area to discuss your options.

Good Morning Tim!You certainly may refinance the 203k loan upon completion of the renovations. The 203k program is great as you know, since you can finance the renovations of your property. The downside is that most lenders find it more risky so the interest rate is higher than a regular FHA mortgage. There are couple factors on what would make which refinancing program to go with. You credit and what the appraised value would come in at. When the appraisal was done for your current mortgage, they provided an expected value upon completion. This would be the estimated value if you were to refinance again, and would be a big piece on what loan program to go with. If you were to refinance through Fannie Mae/Freddie Mac you would be able to refinance right away, which would eliminate the FHA's pesky mortgage insurance.If you were to streamline from an FHA loan to an FHA loan, then you would have to wait at 6 months to do so. Feel free to contact me with any questions, as I have 30 different lenders to help you get the lowest rate possible!James SchneiderEagle Creek Mortgagejschneider@eaglecrkmortgage.com