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Updated over 3 years ago on . Most recent reply
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Should I refinance into a conventional loan
I need help. I know you guys are honest and knowledgeable. I purchased a multi family in Nov 2020 for 340k FHA loan. Mortgage pymnt $2,518 monthly. I remodeled and rented. 1st floor $1,650 - 2nd floor $1,850...now basement almost finished can rent for $1,400. Currently I rent an apartment for $1,130 monthly because of my daughter's school district. I can househack (it would be a sacrifice). I can live in the basement and save my rent monies or stay put and continue to pay rent. I want to purchase a second property so far I have 35k in savings (working 70 hours a week). Which way should I go? My realtor is telling me I should refinance into a conventional loan and take another fha for my second property. I believe my current property will appraise for more than 340k with all the renovations done to it.. Please help 🙏