“FHA is FHA”

“FHA is FHA”



Hi there,

Betsy wants to buy a foreclosure property that I showed her that needs renovations.

You have her pre-qualified for FHA.  Can she switch to 203K?


When someone is been pre-qualified for FHA financing, there is a 203B which does not include any renovations and a 203K which does involve renovations.


Reverse mortgages are also under the umbrella of FHA. It seems anytime I have a reverse mortgage conversation with anyone they are seldom aware these are all FHA mortgages. Reverse mortgages can be done as a refinance or a purchase, but the structure is completely different as there are no mortgage payments.


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 5 commentsJoe Petrowsky • July 25 2017 08:10PM


Good morning Joe.

A new one for me.  Never heard of a 203B before.  I looked it up, interesting

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) over 1 year ago

Good morning Joe. was not aware reverse mortgages were under the FHA. Thanks! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 1 year ago

Interesting!  Thanks for teaching us something!! 

Posted by Brenda Mayette, Getting results w/ knowledge & know-how! (Miranda Real Estate Group, Inc.) over 1 year ago

I guess I still have a strong bias against reverse mortgages but I think the 203K has gotten better since it was introduced.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) over 1 year ago

Anytime you change loan types the qulaifications may also change.   Not to be qualified  for any type of a loan.

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) over 1 year ago