FHA 203k Loan question

[Jerome Morelos]

Is it possible to refinance an FHA 203k loan into another owner-occupied conventional loan to get a higher LTV?

[Zack Karp]

@Jerome Morelos short answer, yes you can.

Are we talking about a 1-unit property, or a 2-4 unit?

Conventional max LTV's: 1-unit 95%, 2-unit 85%, 3-4 unit 80%.

So if this is a 3-4 unit, you would need to be at 80% LTV and there wouldn't be PMI.

Also if your income is below the income cap for the program, Conventional Home Possible is coming back on 11/15, which allows up to 95% LTV for a 2-4 unit.

Check with your loan officer on your options.

Hope that helps, best of luck!