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Updated almost 7 years ago on . Most recent reply

User Stats

26
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10
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Cole Starin
  • Rental Property Investor
  • Kansas City, MO
10
Votes |
26
Posts

Refinancing FHA Loan to Use Again

Cole Starin
  • Rental Property Investor
  • Kansas City, MO
Posted

Hello fellow BPer's. I am in the process of refinancing a few properties and one duplex in particular was financed with an FHA loan. Recently I have been told by a few lenders not to refinance the duplex secured by the FHA loan because trying to use the FHA loan again on a multi family property wouldn't make it past underwriting. Essentially I have been told that the underwriter would see that I have purchased a duplex in the past using FHA and was again trying to use it to buy another multi family property which would be considered taking advantage of the program. Does anyone have any experience with this? I am considering keeping my FHA financing in place as it has a very low fixed rate. However, I was hoping to have the ability to use it again this year to finance another 2-4 unit property. From everything I have read this is a fairly common strategy but upon trying to use it myself I have been told otherwise. Does anyone have any recent experience with this?

  • Cole Starin
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