I bought my first home/rental property 2.5 years ago with an 30 year FHA mortgage. I only had to put down the 3.5% and I am currently renting out two units while I live in the other (triplex). I do have PMI ($105) for another 2.5 years but I am fine with that because the property cash flows as is.
I am getting married soon and my future wife and I are looking at living in an apartment for about a year and then getting a house but we would like to get a fixer upper and use the 203k loan. The 203k loan would be in both our names but I am wondering if I already have a FHA loan in just my name would it stop us from getting the 203k FHA loan in both our names?
Are there other non-governmental loans that are like the 203k that I can use or should I look at refinancing my current FHA loan into a traditional mortgage? I am hesitant to refinance the current mortgage as my rate is 3.25% and closing costs do not sound fun.
You won't get a second FHA loan, unless you had to move for work, more than 50 miles.metc.
@Wayne Brooks is right. Unless there are extenuating circumstances FHA will not allow a 2nd purchase-money mortgage. Their restrictions on that are pretty tight. Looked at the regs myself recently as I've been wanting to buy a new primary residence and rent out my current one.
Can you refinance your current FHA loan? Maybe get a better rate and eliminate your PMI. Then do a 203k with you and your wife to be. Im currently in the rehab stage of a 203k right now. Definitely a great tool for getting into a fully custom house for the cost of materials and labor (instead of buying an overpriced rehabbed property) .
I'm assuming fiancee doesn't qualify on her own?
Since you weren't married yet, she wouldn't have had to sign on as a non-purchasing spouse when you purchased the triplex.
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