Neither of mine have conformed to either rule but I've still made money in equity, taxes, and asset increases...with some cash flow.

OR you simply get an 80% LTV conforming mortgage on your next OO primary residence.You don't need to refi, but you won't qualify for another FHA loan unless you do.

Per Freddie/Fannie rules, each person can get 10 conforming conventional loans.

They also are not subject to call provisions like subject-to financing is.Properties 5-10 Once you have used your 4 FNMA bullets there are extra requirements for conforming financing for properties five through ten.

The new septic would have to meet current building codes, & the lot may not have been considered conforming anymore.

Are they slightly lower than conventional conforming loan rates?

Make sure it also conforms to the county recorder's recording requirements (page margins and such).

When all the work was done I pulled a HELOC to fund future projects.I would recommend you work with a local bank that can work outside the box of conforming guidlelines.

Here are the particulars: Bank-owned SFH 1,605 finished sf on main level plus 980 finished sf basement 4 bed (1 non-conforming); 3 bath Built 1983 Oversized 2 car attached garage Needs cosmetics (clean carpet; interior paint; new light fixtures) All kitchen appliances are included No HOA Just re-listed yesterday (guessing the financing failed) Total listing time approx 100 days Easy, non-highway commute to 3 major employment centers Easy commute to airport Asking price $99,900 Cyberhomes estimate $154,625 Rent comps average $1,100 Only 1 sold comp in last 3 mos.: 1 block east, same finished sf and year built, sold 9/17/08 for $132,000 Pending inspection and any new info re: repairs (roof, furnace, etc.), we're thinking of an initial offer of $72,500 with 20% down.

Both are buildings conformed into indoor units.