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Updated almost 10 years ago,

User Stats

23
Posts
1
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Colin Alsheimer
  • Arlington, MA
1
Votes |
23
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Buying under FHA 203k, ultimately flip to conventional... how does this work?

Colin Alsheimer
  • Arlington, MA
Posted

Hey there - looking into my first investment - a MF property in the Boston area. We're planning on getting this with 3.5% down under an FHA 203k loan, and putting 50k-100k into repair and upgrade costs.

We know that the ideal scenario is that we get this property, do the repairs, and then get it re-appraised and somehow at the appraisal process we're able to refinance into a conventional loan product and do away with the PMI payments.

My question is - how exactly do the numbers work on this flow? Hypothetically, we're looking at a 740k loan package which includes closing costs and 100k in repair costs. 26k would be the down payment. 

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