FHA 203K vs Cash Out Refinance For Home Rehab | Loan Options for Home Improvements

Last month we had a situation happen that I thought I would share. The borrower was referred to me by a friend and felt like they needed to explore other options for their loan.   The lender they had chosen was trying to do an FHA 203k Rehab loan. I believe they were going on two months and were no where close to closing. The borrower only needed around $30k to remodel the kitchen and put in new floors. There was absolutely nothing wrong with the house so we treated this loan as a cash out refinance and closed within 30 days.   In this episode I discuss why I would avoid an FHA 203K at all costs if you have an option to do a cash out refinance.   Feel free to share this with anyone thinking about doing a remodel of their current home. The tip could save them thousands of dollars and tons of headaches.   Thanks for watching! Have a rate day! I do Mortgages for a living, if I can ever help you buy or refinance a home let me know! · Apply for a mortgage now at https://timhart.floify.com/apply-now · TEXT “APPLY” to 239-437-4278 · Call me or text me 239-910-5668 · Talk to my team were here to help! 239-437-4278 · Check out my website www.TimHartJr.com Connect with me on Social Media YouTube - http://bit.ly/2Ourk8c Instagram - https://www.instagram.com/timhart453/?hl=en Facebook - https://www.facebook.com/TimHartJr LinkedIn -  https://www.linkedin.com/in/timhartjr/