203K Loan Refi/ HELOC

[Simone Douglas]

Wrapping up my 203k loan renovation and have a couple of questions regarding the refinance process and/or any advice! 

In month 7 of my 203k loan reno on a duplex. Hoping to refinance out of the FHA loan and tap into the equity to acquire another project. Wanted to get some advice on which kind of loan to refi into (I.e. conventional, FHA streamline, etc) to get rid of the PMI if possible. Also what is the process like to tap into that equity? I've read that you can't do a cash out refi with FHA 203k but you can do a HELOC.

What did others do when the renovations were completed? 

Thanks so much in advance!  

[Zack Karp]

@Simone Douglas refi to Conventional, no brainer. If you are planning on using FHA again for another property, then you need to refi out of FHA, because you can only have 1 FHA loan at a time (unless you relocate 100 miles away). So you would need to free up your FHA eligibility. And don't do a heloc first, or you will ruin any chance of refinancing. Only do a heloc AFTER you refi to Conventional first, if you can find anyone to go over 80% LTV on a 2-unit.

Best of luck!