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Updated over 3 years ago on . Most recent reply

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Nick P.
  • Woodbridge, NJ
10
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51
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FHA concerns going forward

Nick P.
  • Woodbridge, NJ
Posted

For house hacking through an FHA loan, and as per some of the pro video workshops I viewed, you can restart a house hack after just one year (not two years)? I live in NJ and want to make sure of this going forward as I set my goals. Thanks for any replies.

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Andrew Freed
  • Investor
  • Worcester, MA
1,391
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1,274
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Andrew Freed
  • Investor
  • Worcester, MA
Replied

@Nick P. I house hacked a multi via a FHA loan and one thing you need to keep in mind is getting out of the FHA loan. As mentioned earlier you can only have one FHA loan at a time hence you need to refinance out of your first FHA to get access to your next house hack. The issue there is going from a FHA to a 20% conventional. You need at least 20% equity to get out of the FHA loan so its tough to build up the equity from 3.5% to 20% in one year even with forced appreciation. That is the issue I am running into, I am trying to get out of my FHA loan so I can house hack another property but am having a tough time getting to the 20% threshold to refinance out. Just something to keep in mind.

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