Refinance out of FHA mixed-use, but commercial space is Church..?

[Brian Wong]

Curious newbie here looking for some guidance.

I understand that church lending can get a bit hairy, but I'd also like to preface this discussion with the fact that there are definitely some lenders out there (that I've spoken to) that are willing and able to use an FHA loan to secure a mixed-use property with its commercial space currently occupied by a church.

HOWEVER, this short-term view does not take into account the obvious long-term move for many, which is to refinance out of the FHA loan in a few years time, as soon as there is enough equity to do so. Because if refinancing ends up being impossible, the would-be owner becomes stuck with the FHA loan forever (although the rates right now are fantastic!) and would not even be able to pull equity out from the property, for a very long time.

So when the time comes, what's the likeliness that the purchaser would be able to (cash-out) refinance out of the FHA?

What loan would the mortgagee be refinancing into?

What would be typical rates/loan terms?

Has anyone had specific experience with this?

Thanks in advance for the help,

Brian