Newbie getting started.

[Armando Danny Rodriguez]

Hello all, 

My name is Armando. My Wife and I are currently in the process of getting pre-approved for a first mortgage. Our goal is to get our first SFH deal in Modesto or Merced CA (3 Bed 2 bath) with an FHA loan and put down about a 3.5% down payment. We are looking for a property in the $200k-300k range. Our plan is to house hack the property while getting our mortgage paid off monthly with some positive cash flow.

My question is, when you get approved for an FHA loan, how long is it until you can cash out refinance the property and use the funds for a second property?

2nd, is it best to have my wife's name on the deed with me or is it better to try to get an FHA loan approved individually? that way we both have our own FHA loan mortgages and can combine our assets. I make about 56K annually, and my wife makes about 60K annually. I am fairly new and just want some advice from the Bigger Pockets community.

Thank you so much. 

- Armando 

[Lawrence Potts]

Great questions!

FHA just changed their terms to 12 month seasoning before you can refinance.

It depends on your DTI (debt to income). Is your preapproval for both of you or just one? That's a good strategy, I'd double check with your lender and make sure that either of you can be approved for that much. Consider this for the refinance as well!