FHA Loans Suspended?

[Garrett Waller]

I am a recent college grad with solid credit and income. I was talking to a lender the other day and he told me the FHA 203k Loan is not being offered. I want to start a house hack but need a 203K loan to afford forcing appreciation. Additionally, he warned me that refinancing of the loan may not be available in the near future. In my area you can Re-Fi after 6 months. Any suggestions? Other loan products I can put low money down on and confidently be able to refi in 6 months to 1 year?

[Matthew Porcaro]

Originally posted by @Garrett Waller:

I am a recent college grad with solid credit and income. I was talking to a lender the other day and he told me the FHA 203k Loan is not being offered. I want to start a house hack but need a 203K loan to afford forcing appreciation. Additionally, he warned me that refinancing of the loan may not be available in the near future. In my area you can Re-Fi after 6 months. Any suggestions? Other loan products I can put low money down on and confidently be able to refi in 6 months to 1 year?

His experience is anecdotal to his firm. There are 203k's and FHA loans still happening. Don't let him discourage you. I know a few brokers in my market still doing them.

HomeStyle loans are also still largely available nationwide, as their requirements are more lax than the 203k, but they do require a bit better credit score, and typically ask for a higher down payment if you're buying a small multifamily and you intend to househack.