All Forum Posts by: Gage Silling

@Gage Silling some good comments above. I don't think I saw it - it is true you need to occupy for 1 year but you don't have to refinance after you move out. Maybe that was implied...but thought I would mention it just in case. Refinancing costs money...so if I just move out and keep my FHA loan in place that would keep my costs lower.

Hope all of that makes sense.  Thanks!

@Gage Silling Just to be clear….there is no actual “fha certified contractor”…..your Lender, not fha, has to Approve your contractor, it’s a simple 2 page document/questionnaire. As long as they have a gc license, insurance and appropriate experience, it is easy to be approved.

@Gage Silling , As you probably have seen 203k loans are a real great option to get into a fixer upper with only needing 3.5% down. There are a few caveats and differences, but it generally is a fairly straight forward FHA loan.

If you have any questions on this feel free to PM! 

Good luck out there! 

Tommy gave some good information. It's a type of FHA loan so you'll need to live there for a year, but if your timeline is a few years you shouldn't have an issue refinancing to another loan (or even keeping it and moving out - unless you want to use FHA on the next one).

Depending on the scope of the rehab, it could involve extra paperwork and steps as mentioned. Lenders will have a list of contractors, but if you have a preferred contractor let the lender know and they may be able to get the contractor approved so you can use them.