FHA Loan for first multifamily and now HomeReady loan for next?
Hi All,
I'm almost at the one year mark since purchasing my 4 unit place in Denver with a FHA loan at 3.75%. I know you can't have two FHA loans at the same time unless you move far or start a family, and I'm not looking to refi it since i'm not sure if it has 20% equity, and I doubt I could compete with that rate today.
From talking to a handful of lenders, I've heard 15% downpayment for duplexes minimum and 25% for triplexes and quads.
Also, I've heard of HomePossible and HomeReady conventional programs, and I believe HomeReady you can own other real estate and still do a low down payment program, but I'm not sure if that's only for single family homes only.
Any other suggestions or more information from the experts?
