203B FHA 95% Loan to Value Helps Pool Builders

I worked for a swimming pool builder here in Tampa and I know things are bad all over because there is no money to lend for purchasing a pool. But now with the 203B FHA refinance at 95% LTV folks can now get financed to buy their pools doing a refi. Of course, it is good to always explore all options. But this is really good news not just for the home owner wanting to build a pool, but for the suffering pool builders out there.

I was confused and thought it was a 203K for this type of loan but it is 203B.

I spoke to my former boss at the swimming pool company and she was very happy to hear about this because they have had to turn down pool sales because folks can't get the loan to build the pool.

New FHA Loan Refi Limit has gone up.

The FHA Loan refinance Limit is now 95% verses old one of 85%. This is good for you if you won't be getting in trouble by going 95%. Be careful.

Cash out refinancing includes:

• FHA Purchase loan
• FHA 203K Streamline
• Down Payment Assistance Loans
• Good Neighbor Programs

203B Loan?

I just found out there is 203B fha loan. Apparently that's what the loan to refinance is named. I will have to look into this when I get chance. Meantime, anyone know about it please feel free to comment.

I am seriously considering get one of these loans myself. I have good equity in my house and current on my mortgage payments, but if I could get a lower rate and get some home improvement done, well, I might consider an fha loan, but not before checking all my options.

Little Known FHA Loan

Here is a really good short blog post commenting on how little known the 203 K loans are. Little Known Loans for Buyers (hint it's the 203K :-)

203K

I am not an expert on 203K FHA Loans or any other kind of FHA mortgage loans. I am however taking the time to learn about this. I have normally not been one to be attracted to FHA loans. And to be honest I am not sure if this is the best route for me or you. BUT I happen to have some friends who are going to be workING with a Lender that does 203K Refinancing mortgages as well as 203K Rehab mortgages also known as the 203K Streamline.

I decided to do my own due diligence about these loans. I have learned after 60 years of being on the planet that things aren't black and white and nothing is all good or all bad. I recently changed my attitude about lawyers. We always say we don't trust lawyers, unless you need one of course.

So to me I am saying it is best NOT to borrow money or get mortgages, but sometimes you have to. And if the 203K can get you approved and you can do what you need to do to better your life WITHOUT ANY RISK! In other words, don't get in over your head, and explore other options.

Anyway, that is how I am startin' this blog. Please feel free comment. I call myself a 203K fha student...not an expert for sure.