Refinance your FHA loan into a conventional traditional owner occupied mortgage.

Do you sell your mortgages?

The goal being to build a new home for me and my family to live in with as small of a mortgage as possible.

I have a personal cash out refi mortgage on 3 of them.

The house is under a reverse-mortgage so it does complicate the situation a bit.

The question is where the report states combined loan to value 89% and estimated equity $10,128, is that based on when the mortgage was taken out or is that updated based on the amount of the loan that remains unpaid + associated fees?

On the off chance you decide to hold and rent, make sure you discuss permanent financing options with a couple of banks/mortgage brokers up front as well.

(Note: I’ve never bought this way but have tried to buy subject to someone else’s private loan agreement.)If I buy a house subject to your mortgage and I stop paying your mortgage, technically you’re still on the hook for your own mortgage.

Also, FHA loans have very good interest rates although you will have to pay mortgage insurance because the LTV is well over 80% (usually 96.5%)

If they had the means of getting a mortgage from a bank, why wouldn't they just do that from the get go?