Rental Property Investor · Montgomery county, NY · Member since 2019 · 35 posts · 8 votes
I was wondering if i can get a fha with a four or three family if I moved in?
My problem is I already have an fha I was wondering if I can refinance to a conventional loan to free up a fha for a bigger better multi family home for a cheaper down payment so it’s more affordable. Was wondering if I’m on track or way off
Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
6y
@Kevin Marcucio you can use an fha on a three or four family if you’re living in one of the units. You should consult with a mortgage officer to find out about refinancing or keeping the older fha loan. How long have you had it?
Lender · Cleveland, TN · Member since 2018 · 6 posts · 5 votes
6y
You can refinance the current FHA loan into an investment property Conventional loan, and then turn around and do FHA financing (owner occupied) on a property up to 4 units. Assuming loan qualifications will work.
Rental Property Investor · Montgomery county, NY · Member since 2019 · 35 posts · 8 votes
6y
Thank you I really appreciate the feed back. I’m hoping to get a more expensive house and it would help to have a lower down payment going into it. Hopefully it all works out well