203k Cash Out Refinancing

[Michael Efstathios]

Does the FHA 203k product allow you to do cash out refi's? In many cases in my market, the turn time to close on something is very small, and it helps to have cash available to land the deal. I'm wondering if you can refinance to a 203k loan to get the cash back, and then start the rehab after the property is purchased in cash. Any insight would be appreciated! Thanks!