Rental Property Investor · Providence, RI · Member since 2016 · 67 posts · 10 votes
Hi Guys,
I recently met someone who has 25 properties and I was telling him about my strategy to house back into a few multis.
He basically told me once my 1 year FHA is up, as long as I bought the property right and had a little bit of wiggle room - I could refinance for 5% down.
This getting out of my FHA loan and into another FHA loan rather cheaply.
Is that feasible the 5% down, even if you don’t have a 20% LTV position built yet?
Or sure exactly what he means by “refinance with 5% down”. You Could do that with a conventional loan, but it would be an owner occupied, where you are agreeing to live it for another year.
Also, I’m pretty sure you can’t do another fha loan for 2 years, even though you may have met your one year occupancy.