Hello BP peeps, I'm new to real estate investing and looking to purchase my first property. I'm thinking about using an FHA 203K loan to help with the rehabilitation costs and security of the loan(fixed interest rate, longevity, etc). I understand that with an FHA 203k I have to make the home my primary residence. My question is, how long would I have to make it my primary residence? Is refinancing an option when you enter this loan?
Also, does anyone have experience with FHA 203k loans?
Thanks a lot, kyle.
@Kyle Merritt I am not a leader and have not used this type of loan. My suggestion would be to use the search feature in the upper right hand corner if no one chimes in on this. I'm sure it's been discussed before. Make sure you read multiple posts as sometimes the information is not exactly spot on. After all, it's the internet.
Another option is to locate a lender that has done a number of these loans in the past year or two and ask them.
FHA requires that the owner live in the property for at least 1 year. You should be able to do a rate & term refinance immediately, but a cash-out refinance would require 6-12 months of seasoning by most lenders.
I have no prior experience with FHA 203k loans but have done a fair amount of research on them in the past. It's always best to get info directly from lenders as that will be much more accurate and up-to-date.
Thank you gentlemen!
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