All Forum Posts by: John Kim

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...

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?

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.