All Forum Posts by: Bryant Sala

Hey Anthony! Yup, from my understanding to re-fi out of a duplex under an FHA, traditional lender's ask for at least 15% equity (85% LTV).

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $250,000
Cash invested: $19,000

1st investment. This is a duplex that my wife and I are house-hacking.

 LOL same! Thank you again to the BP community, always there when needed

Mateo what's up!! So we want to househack another small multifamily with a low down payment loan product. But since we've already used our FHA, a conventional loan product requires 15% down on a 1-4 unit. So, if we re-fi out of the FHA into a conventional, we can re-use the FHA to househack again.

I do want to mention that since making this post, I did get referred to a few local lenders and found a low down payment portfolio loan product that will work for us. So no need to re-fi the FHA now. Woohoo! :)

Thank you Andrew! This is very helpful.

Hi everyone! I'm looking to re-fi my duplex out of an FHA so that we can re-use it on another small multifamily here in Cincinnati.

I've been told by a few lenders that since it's a duplex, I need 85% LTV to re-fi, which we don't quite have yet (closer to 11-12% LTV). Are there any lenders that can help us re-fi into a conventional product with less than 85% LTV?

Thanks again!

Thanks Kenny! That was very helpful. I guess I was under the impression that 5% down Conventional loans don't qualify for 2-4 unit multifamily, we'd need 15% down for that - at least that's what I was told by our lender last year. I'll reach out to a few more lenders to see if we can navigate around that.

Thanks again for your help!

Thanks Devin! I should've noted - our rate with our first House Hack is at 5.25%. But you're right, I will run my numbers to see if we can justify it. We just really want to try and take advantage of the low down payment FHA here in the upcoming year for our 2nd purchase.

Hey there! My wife and I got into our first house hack last year, a duplex in Cincinnati. We're trying to decide how to logistically go from this first one, to the next duplex/fourplex. We want to refi out of FHA and into Conventional, so that we can re-use the FHA - but is now a good time to do so? With rates around 6-7%? Or should we wait a few more months to see if rates come back down to Earth?

Also, are there lenders that do no-cost refi's? Is that common?

Thanks in advance!