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Updated over 7 years ago on . Most recent reply

User Stats

3
Posts
1
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Brandon West
  • Baton rouge, Louisiana (LA)
1
Votes |
3
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question about FHA loan

Brandon West
  • Baton rouge, Louisiana (LA)
Posted
hello Investors! iv been on BP for a while now just looking and not posting. I think its past due that I get involved. I bought my first house March 2016 with a FHA loan. My question is, if I refinance will my house No longer be under FHA, if so, will I be able to purchase another property using FHA loan? thank y'all in advance

Most Popular Reply

User Stats

472
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257
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Michael Cohen
  • Investor
  • Towson, MD
257
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472
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Michael Cohen
  • Investor
  • Towson, MD
Replied

Brandon West - while Bram Spiero is correct that you can get another FHA loan if you refi your existing property out of FHA, there is a big caveat to that: you cannot use the rental income from the departing income as qualified income unless the new property is more than 100 miles away. You can use the rental income on a Fannie Mae HomeReady, which is a 5% down conventional loan.

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