All Forum Posts by: Drew Cates

@Angela Zanti,  As @Kenneth Cheston said, it sounds like you're referring to an FHA loan, which BP regularly recommends for house hacking due to the potential for extremely low (3.5%) down payments. There might be more than one type, but it appears you typically must live in the property as a primary residence for 1 year before you could move out and fully rent all units.

https://www.fhaloans.com/artic....

I agree with @Masha Rizzi that since you have a lot of equity in the home, it might be easiest to use a HELOC to renovate and get to that higher value prior to refinance. Though it would be smart to check with an appraiser or others to ensure of the realistic ARV before you begin. Good luck!