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Updated about 9 years ago on . Most recent reply

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15
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1
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Maurice Mugabo
  • Alpharetta, GA
1
Votes |
15
Posts

How soon can I get in a new FHA if I refi out the one I have now

Maurice Mugabo
  • Alpharetta, GA
Posted
Hello Fellow REI Enthusiasts, I have a simple question for you. If I refi my current FHA residential town house into a conventional loan, how soon can I get into a new FHA for residence? My goal is to keep my 3bd - 2.5baths town house and rent it out, and buy a new (a little bigger) SFH with FHA to live in. What does the rule book says? Is it right away, meaning after closing the refi I can start shopping or there is a time to wait? I live in ATL GA.. Thank you.

Most Popular Reply

User Stats

10
Posts
4
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Brian Callan
  • Saraland, AL
4
Votes |
10
Posts
Brian Callan
  • Saraland, AL
Replied

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

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