All Forum Posts by: David Kelly

@Robert Richardson Good News! Yes, you are able to refinance your current FHA to a conventional. PMI can be removed if you have the equity (20%). PMI can also be removed earlier by doing a one time upfront MI premium while refinancing if you don't have quite enough equity. You are then able to go out and purchase another home FHA as long as it will be your primary residence. Feel free to reach out with any other questions!

@Brennan Hile Stick to going with whatever looks best in your current situation. Later on, the rates market may not be good and would make a refinance not worth it. Of course the end goal would be for you to get rid of Mortgage insurance (which is in place for the life of the loan with FHA, and drops off when you get 20% equity on a conventional) I'm here to answer questions if you have any more!

@Eka Linwood FHA financing does allow 1-4 units. There is a 3% conventional option as well that you could possibly look at. Will you be occupying one of the units as your primary residence? Conventional financing vs FHA is usually best if you have good credit, but every situation is different with each property. Reach out to me if you have any other questions, I do these loans.

I believe the only way to get a blanket loan is to go through a commercial lender. The new Conforming loan limits were just raised to $510,400.  Anything over this amount is considered a Jumbo. Jumbo loans will require stricter guidelines/qualifications.  In this situation I would be able to pre-qualify you for both properties at the same time, but they would be separate loans.  

FHA allows up to 4. VA will allow more than 4 with the right scenario/guidelines.

FHA is 1-4 units only. Both FHA and VA require you to occupy at least one of the properties. I believe you will need to have some rental history also to qualify with VA.

FHA is 1-4 units only. Both FHA and VA require you to occupy at least one of the properties. I believe you will need to have some rental history also to qualify.

@Waleed Abdulrab

There are bank statement programs available that you may qualify for. I don’t have the guidelines in front of me right now but I personally know of two banks that I work with to get this. 

Hi @Salomon,

There may be a loan program available to you that allows you to bring less than 25% down and will allow you to get extra money for the renovations.  The extra money for the renovation is held by the bank and is dispersed to the contractor as needed.  This type of renovation loan however will only allow an approved contractor to do the work (you cannot take any part of the renovation being done).  It works in the way that we have our appraiser go out to the property and give us the "after renovation" value.  The loan is then structured from that value. .  It works similar to a purchase as well.  Will this be your primary residence?  Or will you not be occupying the property?