Refinancing FHA Loan

[Eddy Ramos]

Good evening, this is actually my first post and have recently (a little over 3 weeks ago became a pro member). I have been looking to refinance the house I purchase last January of 2019. At the time the interest rate was that of 4.75% since I was able to get it through my Federal Credit Union with a 3% down FHA Loan. In late February/Early March with interest rates low (were around 3.25%) I decided to try and refinance my home as some similar to mine were selling at what I needed for the credit union to consider 80% refinancing. I am looking to get out of the high PMI (~300+) in order to have 20% equity the home needed to be appraised at 380k and I would still come out of pocket for closing. However, after the appraisal came through it was noted below what 20% equity would be and believe that the credit union is a lot more stringent.

Asking around I have been told that I can refinance my home and reduce the PMI and the overall payment of the house by ~500+ dollars a month, which would be great. My question on refinancing would be, if I refinance my home (through my credit union or another avenue) would I be loosing out on acquiring an FHA loan to purchase another home this year. Would refinancing re-set the clock on me having to wait a whole year before being able to get another FHA loan? My plan this year was to purchase a second home and use an FHA (potentially) in order to house hack and rent out the rest of the home (was hoping for a triplex).

Can I refinance to lower my interest rate without losing out on using a second FHA loan this year? I continue to look up information but nothing has been clear so far. Have some mortgage lenders saying it is not an issue and would still be available, however, do not want to jump into it and push myself into a corner that would make me wait a whole year for my next home purchase.