Using FHA Loan to Relocate, Refinance current FHA or
Hello BP Community,
I am looking to move from my current property to a new one in a different state. I currently hold a FHA loan on my first residence and I would like to house hack in a new city.
I have talked with loan officers about refinancing the first property to a conventional mortgage so that I could use FHA to get a 3-4 unit property, does anyone have experience with this strategy? My plan is to refinance my current loan to a conventional get a new loan on a 3-4 unit then ultimately refinance out of that one into another. If my math is correct, by the third property I should have enough cash to buy multi-units using conventional loans.
Does anyone see any flaws in my strategy? Any advice/criticism would be greatly appreciated!
Thank you in advanced!