All Forum Posts by: Account Closed

Here's my situation:

- Bought duplex in mid 2016. Lived there for one year on one side of house.

- Bought single family home as my primary residence in mid/late 2017. Lived there for 14 months.

- Moved back into duplex to save a little money/bc I broke up with girlfriend and the top of duplex was vacant.

- I want to re-fi the single family home because I bought it when rates were higher and my credit is now quite good.

- Can I call the single family my primary residence on the refi EVEN if I am NOT living there at the moment? I want to do a 15 year fixed, and would expect to move back in there in 6 months from now, and live there for the next 10+ years. Seems like compared to the duplex, this IS my primary residence? They are coming to do an appraisal pretty soon on the single family. Should I be worried about the fact that other people are living there?

Thanks guys!

@Chris Mason To which states does your firm lend? Michigan?

Sorry to revive an old thread here, but something stated by @Albert Bui struck me as very interesting. 

"With FHA its 3.5% down with up to 7 financed properties 1-4 units max." - I was under the impression FHA and its 3.5% down could only be used once. Maybe I am misunderstanding your statement about FHA loans.

I have my first owner occupied duplex under my belt for about 9 months now - it was financed with an FHA loan. I've been saving for down payments for my next duplex, but the down payment is keeping me away. Could you elaborate on what you said in regards to FHA? (or any avenues I could pursue to get another property in less time.)

Thanks in advance!