Detroit MI - FHA 203k is a hot commodity
Where can we find properties in need of repair? That is easy, anywhere in the United States where homes are at least 1 year old. It's that easy for sure. The FHA 203k is the perferred loan for home in need of repair as you can purchase and get the money to make needed repairs all in one low interest loan.
While there is no need to refinance after the work is complete but you may want to. All FHA loans have this little issue with Private Mortgage Insurance (PMI) that is nearly 1% per month (0.85% of the loan amount). You may want to refinance to get out from under that PMI.