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Updated about 4 years ago on . Most recent reply
Should I refi out of conventional to get another fha loan?
Hi there! I have a duplex I purchased in 2018 and have gained about 150k in equity. My mom moved into my unit as I live in another part of the state. I have decided I want to move back Into my favorite ski town, my mom needs this place to stay healthy. I got the first duplex with 40k down with a fha loan. I have the money to buy another with 20% down but I have gained about 150k in equity from the first one. Should I refinance into a conventional and put down 10% into the next duplex with another fha or keep the fha on the first duplex and get a conventional 20% down on the second duplex. Priced have gone up 30% and I feel i am over paying but I could house hack for 700 a month in a pretty ok unit putting down about 90k because rates are so low and I have perfect credit.
all advise appreciated!