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Updated about 4 years ago on .

User Stats

150
Posts
50
Votes
Clayton Hepler
  • Rental Property Investor
  • Pittsburgh, PA
50
Votes |
150
Posts

FHA 203K refinance in less than a year possible? Then repeat?

Clayton Hepler
  • Rental Property Investor
  • Pittsburgh, PA
Posted

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.

  1. 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?
  2. Could I use an FHA loan 203K to move into another property with my partner shortly after refinancing?
  3. Are there any other low down payment loans with construction elements to them like the FHA 203K loan?

Clayton