Refinancing a FAH 203K loan

[Kenneth White]

I'm new and I'm trying to do a house hack and start a BRRRR strategy.

I'm in the middle of getting a FHA 203K loan and I'm wondering if it's harder to refinance a FHA 203K than other loans

[Jeremy Taggart]

@Kenneth White Nope no difference main thing that matters is how much you owe compared to what you are able to get a new loan for. That's a great strategy. 

[Kenneth White]

@Jeremy Taggart thanks man. That makes my decision a little easier

[Jeremy Taggart]

@Kenneth White No problem. Just make sure you get a good contractor as I've heard some horror stories about contractors walking off the job while the buyer was trying to use a 203k loan. A lot of trust is placed in the contractor's hands using the 203k. 

[Matthew Porcaro]

Originally posted by @Kenneth White:

I'm new and I'm trying to do a house hack and start a BRRRR strategy.

I'm in the middle of getting a FHA 203K loan and I'm wondering if it's harder to refinance a FHA 203K than other loans

 Hey Kenneth - 

I was able to finance out of my 203k 8 months after my closing. 

Just know you need to build enough equity in the rehab to refi out. They typically can refinance up to 70% of the property value. Make sure that covers your 203k mortgage and then some if you want to pull money back out.