Refinancing an FHA - SUGGESTIONS REQUESTED!

[Cody Richard]

Hey everyone! My wife and I bought our first house in April 2019, which is what got us into real estate investing. We used an FHA loan to buy that house and I wanted to get a better understanding of our options for re-financing an FHA loan to use it again (this time to buy a small multi-family property). For some context, here's a quick overview of the situation:

• Bought the house in April 2019 for $245,000
• Me and my wife are both on the loan & title
• Looking to buy a new house in June/July 2020
• Loan balance will be between $230,000 and $235,000 in June/July 2020
• Zestimate on the property is $258,000

Based on the information, I have some questions about how we can proceed:

• If I remove myself from the loan & title, would I be eligible to use an FHA loan to buy another house?
• If we decided to refinance our loan to a conventional mortgage, I assume we would have to pay about 30k to the bank as part of the process to increase our equity in the property to 20%. Is this accurate?
• Are there any other options for proceeding that would allow us to purchase a new house in June/July?

Any advice/help is appreciated!