FHA Budget Scope Rules

[Monica Zidaru]

Is anyone familiar with FHA rules when it comes to re-financing? I purchased a home/property with a construction loan attached for a specific scope of work. Now that the scope has changed, I need to re-finance for just the purchase of the property which is $200k less, as the sale of the home itself was $100k, but I need the additional profit from the equity it has earned from owning the property in 14 months. I need it for a smaller scope/renovation.

Thank you in advance if anyone can take a shot at this very seemingly complicated situation.