FHA refinance into a Conventional Loan Process

[James Lanier]

Hello, 

Looking into my strategy for purchasing a duplex next year after tax season. I currently own a triplex that a I bought at 211,000 and now is estimated worth 239,000 on the market. I've definitely also forced equity through improvements to the property because it is an older home. 

This property is a FHA house hack. Do I need 20% in equity to convert into a conventional loan after a year goes by or are there alternate methods to complete a refinance in order to FHA again on the duplex?

James  

[Andrew Postell]

@James Lanier do you still live in the triplex?  If so, you would need 20% in equity to refinance.  If you did not live there, then 25% would be needed.

You are allowed to have 2 FHA loans if you can show that your job is transferring you outside the normal communiting area of the previous home...OR....if your family has outgrown your current residence.

Hope this helps.