Fha refi into conventional

[Gerardo Vasquez]

Can you refi out of an FHA loan after 6 months into conventional.. then after a year use the FHA loan again as long as second home is owner occupied? Interested in house hacking but have limited capital.

[Gaetano Ciambriello]

@Joe Splitrock @Gerardo Vasquez

Hi Joe and Gerardo! I am basing everything off of a 2-4 unit property. This means a 3.5% down-payment for FHA.

Yes, you can refi out of an FHA loan into a conventional loan after 6 months. You will need to have enough equity to do so. 15% for a 2-family and 20-25% for a conventional loan.

"Reusing FHA is based on qualification standards, so you may be able to do what you are proposing or may not." - I agree with this. The benefit of using an FHA loan off the bat is the lower down-payment versus a conventional loan.