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Updated over 9 years ago on . Most recent reply

User Stats

12
Posts
3
Votes
Seangy Sum
  • Redding, CA
3
Votes |
12
Posts

Streamline 203k Loan

Seangy Sum
  • Redding, CA
Posted

I'm considering a Streamline 203k loan for my first deal. Before I reach out to a Mortgage Lender I have a few questions. I understand that the loan requires the home owner to physically occupy the property,  but is there a specific timeframe the home owner has to live in it before wanting to sell it? Perhaps a year? Or does the home owner have to be the primary occupant for the entire term of the loan. 

If the home owner as the primary resident for the term could one do a refi on the property and then sell it? I'm aware this will accrue a lot in holding costs, but this seems like the most liable option for me.

Thanks! 

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