Cash-out refi and FHA loan limits
4 Replies
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Robert Barnes Professional from Columbia, South Carolina
posted about 2 months agoWill a cash out refi count towards the limit of FHA loans I can get?. I have one FHA loan and 3 cash out refi commercial loans. After my 12 months is up I am looking to apply for another owner occupancy FHA loan. Thank you
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied about 2 months agoOriginally posted by @Robert Barnes :
Will a cash out refi count towards the limit of FHA loans I can get?. I have one FHA loan and 3 cash out refi commercial loans. After my 12 months is up I am looking to apply for another owner occupancy FHA loan. Thank you
It is a loan regardless of if you refi or do a cash out refi. It will show on your credit as 1 tradeline.
You can only have 1 FHA loan at a time unless you have a qualified life event and 15% equity in the property
Robert Barnes Professional from Columbia, South Carolina
replied about 2 months ago@Brie Schmidt Thank you. I hope to but 3.5% down on a duplex in August and I've heard that your only allowed so many mortgages. When I apply in August that will technically be my second loan. However I do have a few cash out refi's.
Jason DiClemente Investor from Bucks County, Pa
replied about 2 months agoRobert Barnes Professional from Columbia, South Carolina
replied about 2 months agoI have a package of single family house cashed out in the commercial loan department with my credit union.
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