Ft Pierce FL 203k renovation loans for refinance

Ft Pierce FL 203k renovation loans for refinance

I just purchased a home two months ago and there is more work than we expected to get it livable. What options do we have, if any, to get money to do the necessary work?

Actually you are in very good shape to get the money to do the work on your home. If you refinance NOW and close before the 6th month anniversary of the first closing when you purchased the home the money you put down on the original purchase will be treated like money you put down on this refinance and you can very likely get the money for the construction with very little, if any, more money out of your pocket. 

If you go to a lender who doesn't know about the FHA 203k you will be told you CAN'T refinance until you reach the 6 month mark... NOT TRUE with the FHA 203k, you must take advantage of this feature and save money. 

You have the cash to purchase the home outright but not do the construction... do it, then refinance the home immediately to get most of your money back (less 15%) and get the money to renovate the home. 

Call me or Pete Campbell in Ft Pierce FL to get the low down on this loan product.