Is it possible to refinance an FHA loan to conventional and then get another FHA loan?
Hey there,
Here is my situation. I got a really good deal on my first property, a tri-plex in Atlanta, GA. The property was zoned as a single family and therefore the appraiser was forced to appraise the property much lower than my offer, but the seller accepted the lower number. Anyway, I bought it with an FHA loan and paid the 3.5% down. I have good reason to believe that if I rezone the property properly to multi-family and refinance the property, I will be able to instantly have close to 20% equity.
Is it possible to refinance the property to a conventional loan and then immediately run out and purchase another property with an FHA loan? Saving the 20-25% feels extremely slow for me. I am looking to primarily buy tri-plex and four-plex's to hold. Thanks so much in advance.