Switching from conventional loan to FHA loan

[Danny McGreevy]

I own a fourplex, owner-occupied.  I took out a conventional loan for this property and put down 20%.

If I found another investment property that I really liked, would I be able to refi into an FHA loan to take back out 15% to only have 5% equity in my property to use the 15%'s value towards a down payment on an investment property?

Thank you!

[Brayden Hrycko]

Hey @Danny McGreevy,

The short answer is no. You can only pull up to 80% of the properties value in a cash out for conventional/fha. 

However, would you consider living in the new property? Can it pass the FHA sufficiency test? Why not just put 3.5-5% down and buy the new property that way? FHA is 3.5% down on 1-4 units. Happy to help.