All Forum Posts by: Tyler Howerton

@Tyler Howerton most people look to refinance out of the FHA when they are looking to buy a second building with FHA. You have a lot of options though if you are not doing 2-4 units. You might be able to go conventional and do as little as 3 or 5% down.

If this is about grabbing that equity, then you should connect with a good loan officer. I use @Joshua Jones for all of my residential loans. He can help you figure out if this makes sense or not based on the current rates, which are definitely going to be higher than when you purchased.

Make sense a bit more thanks ! But getting the money isn’t too much of a problem it’s which way I can go about it so theoretically in 6 months I should cash out refi get my house rented out and buy a investment property under conventional financing and live n rent repeat

0 Votes

Chicago, Illinois

Quote from @John Underwood:

Quote from @Tyler Howerton:

Quote from @John Underwood:

I only have to read the subject.

Answer: Heloq

why: hang onto your low interest mortgage, use the Heloq and pay it off as fast as possible.

Actually I do have to refi and cash out because if I want it to become a rental it needs to be conventional loan. So going about that once I refi wouldn’t I have too wait another 6 months too obtain a new mortgage?

Why do you have to refinance a FHA loan? If you got that loan and then decided to use house for different purpose years later no one is going to come after you.

I thought that you could only use fha as your primary residence? But if that’s the case then just cash out refi and get another home and repeat basically?

0 Votes

Chicago, Illinois

Quote from @John Underwood:

I only have to read the subject.

Answer: Heloq

why: hang onto your low interest mortgage, use the Heloq and pay it off as fast as possible.

0 Votes

Chicago, Illinois

Just purchased my first home using Fha 80k for the house and it got appraised at 150k as is in 6 months I plan on having the whole house updated and ready for renting! All though I am in a pickle, My plan is too either cash out refi or pull a heloc on the house too get the funds for another house for me?

1 Vote

Chicago, Illinois

All Forum Posts by: Tyler Howerton

Tyler Howerton has started 1 posts and replied 4 times.

Post: Cash out refi or Heloc?

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Post: Cash out refi or Heloc?