Will a refinance hurt me from getting an FHA

[Brian Miller]

I am buying my parents high end duplex in Southampton,Pa in June with an FHA loan. I have a probate property that fell in my lap in Philadelphia that I can get for 50% of FMV, but I am afraid my money will get tied up and it will somehow stop me from purchasing my parents duplex. I just became approved to get the 420k needed for the duplex, just very nervous to do any other deals until I have the fha duplex in June.

[Stephanie P.]

There are other ways to acquire your parent's property. Could you have them add you to title and then get a HELOC to pay them out once the probate property is secured. If you do that, watch your total loan to value on your parent's duplex. Once you have the HELOC, maybe you could refinance and take advantage of the low interest rates on a 30 year fixed. Lots of opportunities for you.

Remember FHA is for owner occupied. Do you plan on living in the probate property?