Not sure if I'm posting this in the right forum but here goes:
I'm trying to refinance our starter home. It is a FHA loan. I want to refinance to pay the home off sooner and free up cash flow as we go. This is our first official buy and hold property. I have a couple of questions. Right now our cash flow is around 200 a month. We are saving the rental payments in a separate savings account and we are planning on reinvesting that cash into another buy and hold property somewhere down the line. If we use the refinance to pay off the FHA loan on this house, would we be able to use an FHA loan to purchase our next live in home? I've heard this to be true and would like some info on this. Second, would having a couple of investment houses keep us from obtaining a FHA loan? Thanks.
@Joseph Lunstrum You can have 1 FHA loan at any given time. So if your current FHA loan is paid off, then you will be free to purchase the next OO property with a FHA loan.