Ep# 112 FHA 203K vs Cash Out Refinance

by Tim Hart | Dec 15, 2021 5:07:00 PM

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.  

 

itunes

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 listening! Have a rate day!



Born and raised in Southwest Florida, I have been in the Mortgage business since 2001 I'm a grizzly, battle tested mortgage veteran. I am also the Host of Rates & Reels, which is the most popular fishing show in Southwest Florida, hosted by a guy named Tim. In my spare time I love spending time with my family, coaching baseball, and anything else my kids or wife want me to do. I would be happy to help you or someone you know with any of your Mortgage needs.

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