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Updated about 9 years ago on . Most recent reply

How soon can I get in a new FHA if I refi out the one I have now
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
Maurice,
You are eligible for another FHA loan once you have refinanced to a conventional loan. As far as a time line after refinancing, it all depends on when the refinance hits your credit history and lenders can see that you no longer hold another FHA loan. Keep in mind you'll be paying PMI on the new FHA loan. Also keep in mind, your credit will most likely take a big hit after purchasing the second home AND recently refinancing the FHA home.
I went through this with my first rental. Instead of refinancing the FHA mortgage, we kept the FHA loan and allowed the renter to pay rent that covered the full mortgage and PMI cost. We used a conventional loan to purchase the new home. I hope this helps!
Thanks,
Brian