All Forum Posts by: John Kim
John Kim has started 12 posts and replied 43 times.
Post: Cash out of a FHA multifamily loan?
- Investor
- Las Vegas, NV
- Posts 43
- Votes 7
We seem to have enough equity based on the appraisal, but since my wife no longer has income, we are not sure how to cash out...
Post: Cash out of a FHA multifamily loan?
- Investor
- Las Vegas, NV
- Posts 43
- Votes 7
My wife purchased my first rental in 2016 with an FHA owner occupied loan at 5% down. The property is a 3 unit building. It was a short sale and I renovated my owners unit.
Purchase Price: $625,000
Current Loan Value: $588,000
Appraisal Value: $815,000
While we have to pay monthly FHA PMI, the interest rate is at 3%, so we don't really want to exit the loan.
- The loan is under her name
- She currently has no income since she quit her job
- Her credit score is very good
- My credit score is poor but income is pretty good
Can anyone suggest some methods on how she can cash out $100,000 for her next purchase?
Post: 2x FHA owner occupied (husband, wife)
- Investor
- Las Vegas, NV
- Posts 43
- Votes 7
My wife is in a short sale contract for a 3-unit multifamily with an FHA owner occupied loan. We do not know if or when the bank will approve this deal. I am not under this loan.
We need housing soon, since our rental lease ends in 3 months. I want to apply for a single family house under my name. I am thinking about buying it under my name with an FHA loan. Most likely, this single family will close sooner than the 3-unit.
Ideally, I could have 2 owner occupied FHA loans, husband wife with one FHA loan each. However, I'm not sure if FHA guidelines allow this.