Brrr method on a fha loan?

[Brooke Reeves]

Plan on buying my first property a 1-4 unit (FHA Rules) and occupying one of the units my self,(again fha rules for one year) but do plan on using the brrrr method to finally get my start. Now obviously FHA due to the 3.5% down payment.

Is this possible? Bad idea?

Would the refinance work the same, just refinance over to a conventional or how would that work?

I understand what I make on the property would not be a huge gain to continue on, but to get my first property and my foot In rental real estate/management.

If not, ideas and how on getting the huge sum for that additional down payment.

Being that I have never taken any loan, except student, wouldn’t banks be more reluctant To loan to me?

[Juan S.]

Force appreciation would be the way to go to cash out refi on a FHA loan. Another great option to look in to if you will be making any repairs and renovations is the FHA 203K renovation loan. If you are approved for a FHA loan you will be approved for the FHA 203k they have the same requirements. The beauty in this loan is that the renovations will be wrapped into the one mortgage.