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Updated almost 4 years ago,
FHA 203K REFI to another 203K House Hack in less than 1 year?
I have built enough equity in my 3 unit to BRRRR a FHA 203K loan by refinancing into a conventional 80% LTV 30 year fixed loan. I want to cash out refinance my loan to a 30 year fixed rate loan at 80% LTV and theng get another FHA 203(k) loan to buy another 3-4 unit and fix it up to live in it with my partner.
- If I refinance in less than 1 year(I closed at the end of last July), less time that the 1 year FHA requirements to live in the property, will my 1 year requirement of living in the property and also my FHA requirement be wiped clean?
- Could I use an FHA loan 203K to move into another property with my partner shortly after refinancing?
- Are there any other low down payment loans with construction elements to them like the FHA 203K loan?
Clayton