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Can I add a small renovation loan to my already existing FHA mortgage?

Profile picture for abbybaxter11
We bought a foreclosed home 2 years ago with a FHA 203 B loan. We have been doing repairs slowly with cash but are ready to be done with the fix-ups! Is it possible to add a small ($5K to $10K) renovation loan to our mortgage? Everything I've seen looks like I have to completely refinance with a FHA 203K or a Homestyle Renovation loan but we're not interested in refinancing because we don't know how long we'll be living here. We have excellent credit- what are our options for low payments? A home equity loan?
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June 17 2012 - Atoka
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Answers (2)

Profile picture for funds2
Check with a few local banks and get quotes/ terms for a home improvement loan vs home equity loan. I would agree that refinancing does not appear to be a good option with higher MI and for a short term.
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June 18 2012
Profile picture for Cindy Quinton
You might give posters an idea on the numbers (and amount of time you plan on staying), and bump this in the morning as more lenders tend to answer questions during business hours.
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June 17 2012
 

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Profile picture for wayne lancaster
QuestionCan I add a small renovation loan to my already existing FHA mortgage?
  • Latest answer by wayne lancaster
  • June 18 2012
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