FHA Loan Questions

[Matt Woror]

Hi,

3 Years ago I purchased a 4plex and have owner occupied one of the units since then. I purchased the property with 3.5% down using an FHA loan.

Now, I would like to purchase another property, as I'm quickly outgrowing the apartment in my 4plex. Two years ago I refinanced the FHA loan from a 6.75% to 5%.

I would like to keep the property I currently have, rent it out, and purchase another 4plex in a nicer area of town which has larger units.

Can I refinance OUT of the FHA loan I currently have into a conventional? Then can I FHA loan and owner occupy again? So I would only have to put 3.5% down on the new property?

Thanks,

[Rob Gillespie]

Matt,

You are correct, you can only have 1 FHA loan at a time, but I would not be so quick to dump your FHA and go conventional. Check some local conventional banks and see what kind of deal they will offer on a refi.

There are lots of creative ways to get into a place with little to nothing down, you just gotta find the right deal.

Good luck!!! :mrgreen: