Austin, TX · Member since 2018 · 4 posts · 0 votes
Hey I'm looking to get approved for financing so I can start looking for duplexes in Austin, TX area. I would like to get an FHA loan to start and then refinance after a year or so. Does anyone have a suggestion for a good bank or lender for this?
Hey I'm looking to get approved for financing so I can start looking for duplexes in Austin, TX area. I would like to get an FHA loan to start and then refinance after a year or so. Does anyone have a suggestion for a good bank or lender for this?
Hey Jared,
Any good lender licensed in TX can set you up with a FHA loan or refinance out. To dig deep into what exactly you're trying to achieve would be the main question.
Are you trying to use FHA, then free it up for subsequent use? Will you try to focus all your purchases in the travis county area?
Those are some questions I would have for your scenario beyond the typical loan officer (LO) lingo/acronynms like LTV, debt to income, and fico scores.
There's going to be some planning involved as you start to acquire some properties. I've even had my loan underwriters pull up the title of a borrowers past transactions to see if they claimed primary and then quickly converted them to investment properties. So you'll want to make sure you have a clear track record of doing what you say on paper so if its ever questioned you can never be questioned by a UW with an axe to grind.
This typically doesnt happen till you have more properties. On your first go at the house hacking strategy it will not questioned 99.999% of the time as long as the other metrics are in line ( property within 50 miiles of your job, reason for buying as primary makes sense, etc).
I highly recommend Katie White at Fairway mortgage. They're the best lender I've ever worked with and can often locate conventional loans with low down payments that are even better than FHA loans because they don't include PMI. Best of luck!