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Updated over 2 years ago on . Most recent reply
203k loans compared to FHA
I recently purchased my first home with FHA. However I now want to begin investing. Can I now obtain another property with a 203K loan? Or do I have to wait until I can refinance and change my loan into a conventional loan?
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Charli Cook just in case there is any confusion here - a 203K loan is an FHA loan.
Now, since FHA is only for your primary home you would have to move again to use FHA money again. When you closed on your current home loan you signed to occupy your current property for 12 months. You don't have to refinance out of an FHA loan to use it again but there are some rules to having more than one FHA loan. Since this is so specific I would recommend getting prequalified if you feel moving again is the right move for you.