Hi All!
I am in the process of refinancing my current home from an FHA loan to a conventional loan. I will be closing this week! My property appraised well and I now have over 20% equity (no PMI! Woohoo!!)
Now! My next step to purchase an owner occupied multi family residence (4 plex) using FHA. I don't have 20-25% to put down so I need FHA. I plan to rent out my current home and move into the 4 plex.
I'm hoping to get some help in this area:
* is there a waiting period from the time I refinance to the time I can purchase?
* do I need to move out of my home and rent it for a period of time before I can purchase with FHA?
* what are other regulations involved with FHA to purchase a second home that is a multi unit?
Thanks so much in advance for your expertise!
Jo
