Refinance out of a 203k FHA loan ,question for mortgage officers.

[Joel Perez]

Ill be buying my first home next month w/ a 203k FHA loan program. I'm then planning on refinancing out of the FHA loan into a 30 year loan to remove the mortgage insurance after building the equity.

My question is there a limit on the quantity of FHA 203k Loans a single person can take? I'm aware of the one FHA at a time, but will I be able to get another 203k after refinancing into conventional?

[Andrew Postell]

@Joel Perez if you are refinancing out of the FHA loan, then no, there is no limit. You can get as many as you like in that scenario. You can actually carry more than 1 at a time too under certain circumstances. Unless you have a really incredible deal it might be a long time to refinance just to get out of the PMI (you'll need 20% equity) however, if you refinance into a conventional loan, then your PMI will be structured differently anyway. And there might be a benefit to just doing that (but keep in mind you'll have closing costs again). BUT if you were thinking of refinancing out....why not just get the conventional renovation loan from the start? Your closing costs would be lower and it's a SIGNIFICANTLY easier renovation loan to navigate.  Just a thought.