Refinancing a 203k Loan

[Bo Goebel]

I am talking with a lender referred to me for his knowledge of a 203k loan, but want to gather as much information as possible.

1. Is there any obstacle that would stop using a 203k loan for renovation, then refinance to a different, more attractive loan? I'd appreciate any other advice/insight from anyone experienced with 203k loans.

[Roberto Torres]

@Bo Goebel Hey Bo this is my plan right now. I closed September 20 on my first property. Plan to live in it and rent individual rooms with airbnb since i'm close to beach. The loan is $130,000 with repairs and the ARV is $208,000. My plan is to refinance when a year has passed to pull out the money and eliminate PMI. I am sure u can do this BUT u have to let some time pass by before refinancing. Not sure of exactly the number of days u need to stick with the fha203k but 1 year is enough to refinance to a more attractive loan. Hope this helps, if u find more information please post! Good luck