+2 votes
asked May 12 in FHA Loans by Debra

2 Answers

+1 vote
Yes, you can qualify for a 203K loan even if you already own a home. Do you have a mortgage on your current home? If so is it an FHA loan? To us the 203K loan, you will need to occupy the home you buy. Meaning it cannot be a second home or and investment property. Please reach out to me, Mike Gracz from the Gustan Cho Associates for more details. I am an expert in renovation mortgage lending! You can reach me on 630-659-7644 or email me at mgracz@usa-mortgage.com.
answered May 14 by MikeGracz (16,780 points)
0 votes
FHA 203k Loans are for both purchase and refinance transactions. The answer to your question is yes, you can qualify for FHA 203k Renovation Loans on an existing home. The new FHA 203k Loan will pay off your outstanding mortgage. A new mortgage with construction budget will be placed. Once your renovations are complete the FHA 203k Loan converts to a 30 year fixed rate FHA term loan
answered May 17 by GustanCho (107,040 points)
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