Refinancing a FHA Loan

[Mario Walker]

I have a rental home that was originally my primary residence in a Northern suburb of Dallas back in 2012. I purchased the home with a FHA loan and put no money down. At the time I had no interest in investing but read Rich Dad Poor Dad soon after the purchase and wanted to get started. Since my purchase the property taxes have gone up exponentially but so has the property values in that area. I purchased for a little over $130k, owe a little over $112k, and had a realtor friend pull the comps which were selling in the range of $195-210k range.

To get to the point, I’d like to refinance and move the money to other properties but I’m not sure if my credit is strong enough for a conventional loan but I’m not fully versed in alternative financing options.

1. What are some pros and cons of refinancing?

2. What are some of options outside of conventional refinancing?

The property was also a new construction when I bought it.