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powerplay70
Dud?


Joined: 24 Mar 2010
Posts: 1

FHA 203K Cash Out
PostPosted: Wed Mar 24, 2010 11:55 pm Reply with quoteBack to top

I have been searching for the answer, but keep coming up with nothing.

Can an existing home owner take cash out to do home improvements above 85% LTV with the 203k loan based on the future appraised value?

Also, can they subordinate an existing HELOC or does that have to be included in the refinance?

If anyone has the link for this, that would be great.

Thanks in advance......

JP, Long Island, NY

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Allen
Dyn-o-mite!


Joined: 23 Dec 2007
Posts: 221
Location: Florida Region

Re: FHA 203K Cash Out
PostPosted: Mon Jun 07, 2010 6:34 pm Reply with quoteBack to top

203K as a refi are Rate and term rules to the 97.5. but money goes directly to te repairs not cash out to borrowerer.

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Allen Middleman
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Freedom Mortgage
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