All Forum Posts by: Mikky Alfaz

I closed my mortgage in mid-Jan 2018, so it's been just 3 months on the loan, and I hate to refi now so my loan officer can get his commission. So after 6 months, say in mid mid-Jul, if I refi from FHA to Conventional, do I automatically qualify for another FHA immediately? Or do I have to wait a year (until mid Jan 2019) to be eligible to take on another FHA at 3.5%? I'm single, so moving is no issue.

If I rent out my FHA after one year, am I eligible for another FHA as owner-occupied, or I need to refi to conventional to be eligible for another FHA at 3.5%?

I do have 20% cash right now to put down, what's the best way to make use of this? I will be borrowing this from 401k, so want to buy as many properties as possible with this downpayment.

You mean to keep my FHA for 1-yr, then refi to conventional and take out another FHA for 3.5%? This was my original plan, but I can only do this every year...any way of buying multiple houses per year with low down payment?

..so I can convert an investment property to an owner-occupied and pull out my 20% downpayment in cashout? Also, is it legal to convert an FHA loan to a full rental after 1-yr without any issues?

I'm just starting out by purchasing a 4-bedroom house on an FHA loan with great interest rate in 01/2018.

I do want to buy other properties with minimal downpayment possible. I know I'm only allowed one FHA loan, and I can convert my current FHA loan to conventional thenrent out, and then take out another FHA loan as owner-occupied.

My biggest issue is the interest rate! I currently have a great rate on FHA, and refinancing into conventional could raise my monthly payment by a couple of hundred bucks.

Question is can I purchase an investment property right now with 20% down, then move out of my FHA after 1-yr to the "investment property" and then refi it as owner-occupied and cash out my 20% downpayment put into it to LTV of 95% and use the funds to buy another property?

My goal is to keep my great rate FHA, and still able to buy other properties until rates drop!