All Forum Posts by: Michael Kingsbury

@Brian Ellis if you don’t mind me asking what lender did you use? I am looking to buy another property soon and those sound like great terms!

Ok I don't believe my debt to income ratio will be an issue since I am not close to 30-40% but I might have an issue with financing through a regular lender.  I will take your advice and look at local credit unions.

@Christian Allen Thank you for the reply. One more question, was your second FHA 100 miles away from the first property? So that the lender counted the rents towards your debt to income ratio as stated earlier in the thread?

@Christian Allen were there any extra requirements/ differences for the investment loan than the owner occupied conventional loan? Or was it just a bit of a higher interest rate, 25% equity, and no stipulation to live in the property for another year?  

@Peace Lily What was the outcome?  Did you buy the second multifamily?  

I, too, am running into similar issues. I bought my first duplex with FHA last year and I am about to refinance into a conventional loan. During conversations with my lender I mentioned I would soon be looking for another multifamily around the same area. I was told I cannot use FHA again without moving at least 40 miles away from my first residence and it needs to be closer to my place of employment so that it "makes sense" to the underwriter. He said this is to avoid a practice known has "house stacking." These are all requirements I was never made aware of until now.

@Todd Wheatley thank you!

@Jaysen Medhurst awesome thanks

Looking for suggestions for a good real estate CPA and/or real estate CPA, CFP in the CT/ MA area. Thank You!