We get a lot of questions, and many of them are situation-specific. However, some questions are great for all kinds of home buyers or homeowners. This particular question is one of those: a great to answer for all kinds of folks.
On several articles and over quite a few phone calls, people want to know if they can refinance their current mortgage into an FHA 203k to take care of updating, remodeling or renovating their current home. In short, yes it's possible.
John C says, "I bought a house in 2010 with an FHA loan. I want to add another room and do other renovations. Is a FHA 203k loan a possibility? If so, would the loan be only for the renovations cost or can it be part of a refinance for my existing mortgage?"
In short, yes you can refinance and remodel with the FHA 203k loan. Rolling the mortgage you have now, plus the renovations and improvements you want to do, is possible with the 203k.
The new mortgage will include what you owed on the previous loan PLUS the work you're financing. Get more 203k loan info with our free guide in the description below.
You can learn more at the button below.