Updated about 5 years ago on . Most recent reply
Refinanced three months ago, how long before I can buy another
Hi everyone this is my first time posting.
So I bought a home about two years ago and obviously just like everyone else my house has appreciated and I recently did a cash out refinance. I was going to buy another home using seller financing and move into that house and just change my current homeowners policy to a landlord policy. I was going to move into the new duplex (buy in an LLC) and rent one side out and move in the other side with a roommate. I was going to rent my current house out. Upon all of this occurring the person I was going to buy the duplex from (and do seller financing) decided to sell it and wants the full amount instead of doing seller financing because of the current tax proposals. He now is asking for too much money and I do not want to buy it as an investment property with 20% down. I have the cash but do not want to come out of pocket that much... I wanted to ask BP what their thoughts were...
In a perfect world I would like to do an FHA loan but I am not sure I would be able to since I recently did a cash out refi. Any help would be much appreciated.