FHA loan and BRRRR does it work ?

[Jamal Madison]

Hello I am buying a duplex here in anchorage 4 bedroom 1.5 bath bottom unit and 3 bedroom 1 bath top unit for 328800 the ARV is 405 to 415 , it's going to be a slow BRRRR because I have to live there for a year and then move out and rent it out because of FHA but it is my first property and it's what's worked best for me. I was wondering has anyone done a cash out refinance with a FHA loan? if so is it less of a percentage doing it with a FHA?

[Zach Westerfield]

I have done it, bought a triplex with an FHA, renovated and lived in one unit, then refinanced out of the PMI when the value increased. If you are looking to refi out of the FHA in a year, the new loan shouldnt care that you currently have an FHA. It wont make a difference.