I recently bought my home with a conventional loan. I didn't know about the 203K loans at the time but I have a few questions.
1. Could I refinance my home into a 203K loan and get the needed repairs/improvements wrapped into that loan or do you have to buy a HUD or foreclosed home to use this type of loan?
2. Also, I see ads for HARP and to refinance your home. There are all kinds of companies out there that advertise to help you. Does anyone know about this? My interest rate is 4.75% with my conventional loan. What would be the best way to go about finding a reputable company to deal with?
Thank you for the information in advance!
I know it's possible to get a 203k loan for an existing property but don't know the details. FHA has good info on their website but I'd say your best source of info will be a bank. Call around to a few to find out who does 203k loans in your area.
Hi. A 203k loan is just that, a loan. It is not attached to a property or type of home. Some programs are specifically for financing a specific property like the HomePath program is for only FannieMae REOs. The 203k is not tied to a property program.
The HARP program helps those whose loan is owned by FannieMae or FreddieMac. My friend Bruce can help you to see who owns your loan and how much you can save. You can call him at 614-595-1286. He's in Ohio, but they lend all over.
For 203k Loan information check out http://www.renovationready.com/remodel-loan-guide
Thank you @Mark Adams for the information. I will give your friend a call.
Thank you @Marcela Correa also for the information. I will check into the banks around here.
If you just bought your house you will not be eligible for HARP. You loan has to be taken out before June 1, 2009
Thanks Joe for the information
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