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Updated over 4 years ago on . Most recent reply

User Stats

98
Posts
39
Votes
Dominic M.
  • Property Manager
  • Northern Virginia & DC
39
Votes |
98
Posts

FHA owner occupancy requirement after a BRRRR refinance. Help?

Dominic M.
  • Property Manager
  • Northern Virginia & DC
Posted

Hi all, 

I have found a property that is a great BRRR opportunity. Here are the numbers.

Purchase: 70,000

Reno: 30,000

ARV: 135-150

Purchase with a FHA 203k loan.

Question: 

If you refinance to a conventional loan at the 6 month seasoning period but within the FHA one year owner occupant requirement, what are the implications and do the FHA requirements remain? Also, can you then use another FHA owner occupant loan on the next property immediately afterwards?

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