Questions about a 203K loan

3 Replies

Hello,

I am new to the game and will be buying my first property in the very near future.  I am interested in a 203K loan. I am wondering if it's possible to get one, live in it as a primary residence for a year (or for however long the residency requirement is), and then get another one, turning the original into an investment property and making the second the primary residence? Is this possible?  Thanks!

Hi @Daniel Lesage , you can definitely refinance into a 203K loan. It is a great product if you have the right lender and a contractor who understands the draw process. I wrote a blog post about my experience here: 

https://www.biggerpockets.com/member-blogs/12390/86740-my-experience-with-a-203k-homestyle-renovation

Best of luck and let me know if you have any questions!

@Daniel Lesage Yes, but of course you will have to refi out of the fha loan on the first one, as you can only have one fha loan at a time unless you meet one of the exceptions, moving for a job, etc.  I do seem to remember that you can can do a new fha loan only every two years, but you need to verify with your lender.