House Hacking with a FHA Loan
Hello BP community newbie here👋🏽, I am really thinking of moving out my parents to house hack a multifamily with an FHA Loan. After my one year is up I can refinance to get rid of the PMI correct? Also I am wondering, there is no way to BRRRR with an FHA Loan since to Buy in the BRRRR I need private money/ hard money lender/ etc, correct?
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@Jose A Serrato A 203k loan would be a great option as long as the property is deemed still liveable by their standards. If, not you can get private money/hard money to acquire the property, then rehab. Once complete, apply for an fha cash out refi.