203k loan and refinancing
Hello all,
I recently purchased a my first multi which I am currently house hacking. I didn't go after the best deal since this is my first purchase and other factors go into it as well since I plan to live there myself. Mainly wanted to make the initial splash to get my feet wet. Anyway, I am getting ready to look for another property and this time I want one with a little more risk/reward opportunity. My overall plan is to buy and hold/rent and I want to try out the BRRRR strategy this time. So my question is about 203K loans. What are the rules/qualifications of these types of loans (especially since this will be an investment property and not my residence)? Are there certain requirements I need to meet? Are there differences in interest rates and/or down payments? And if everything goes as planned, is there anything holding me back from refinancing once all the renovations are completed?
If anyone has any insight to any or all of my questions it would be greatly appreciated. Looking forward to your responses.
Thanks,
Jay