When and how to refinance out of an FHA

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When and how to refinance out of an FHA

Account Closed
Rental Property Investor · Roselle, IL · Member since 2021 · 8 posts · 4 votes

Hello everyone!

I used an FHA to purchase a SFH that I house hacked in back in July 2020. But for career reasons I needed to move to a different city and am currently renting out the house. I have just a few questions,

when would be an appropriate time to refinance out of my current FHA mortgage?

how much would that cost and how long a process would that take?

would this impact my ability to house hack in my new city in any way?

Any feedback would be greatly appreciated!

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  • Joshua Haynes
    Aurora, IL · Member since 2019 · 125 posts · 39 votes
    5y

    It would be appropriate to do it ASAP as you are breaking the FHA contract by not living there. Having an FHA mortgage requires the person on the contract to live there for at least one year. It sounds to me like you are breaking this

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  • Account Closed
    OP
    Rental Property Investor · Roselle, IL · Member since 2021 · 8 posts · 4 votes
    5y

    @Joshua Haynes they do have some flexibility if you need to move for family/career reasons

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  • Joshua Haynes
    Aurora, IL · Member since 2019 · 125 posts · 39 votes
    5y
    Originally posted by @Account Closed:

    @Joshua Haynes they do have some flexibility if you need to move for family/career reasons

    I wasn't too sure if that was the case or not. That's good to know!

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