Refinance FHA lone to conventional lone with 5% equity

Rental Property Investor · Fairborn ohio · Member since 2016 · 10 posts · 0 votes

I have a dueplex under a FHA lone that I would like to refinance into a conventional lone so I can turn around and get a 2nd FHA lone(becouce I believe you can have only 1 FHA lone at a time). I have about 5 %equity in the property right now. do lenders allow 5% equity refinancing?

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Jeremy TaggartBusiness Member
Real Estate Agent · Pittsburgh, PA · Member since 2014 · 850 posts · 646 votes
7y
@Nicholas Godfrey Doubtful. I would work on getting more equity in the property either by doing improvements if there is room to increase the ARV or you could always save up for a conventional loan. They do 15% down on duplexes owner occupied or if you are lucky enough to find a portfolio lender some of them might go as low as 5% down on a multi unit if you move in. That could be your next move. Then just move into that property and rent out your current duplex with the FHA loan.
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