We own 2 homes. Our primary home is an FHA loan. Our triplex is conventional. We are thinking of converting the fha loan to a conventional loan. Any suggesrions?
Do it now before rates go up! Also you'll get out of pmi.
If you have the equity built up, I would suggest refinancing. MIP doesn't fall off and is for the life of the loan, where PMI falls off. If you have at least an LTV of 80% you won't even need to pay mortgage insurance. Is your primary a SFR or a MFR?
A SFR only needs an LTV of 95%
A duplex is 80-85%
3-4 units are 75-80% LTV
These are depending on if you qualify Freddie Mac or Fannie Mae.
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