All Forum Posts by: Joseph Lynch III

Awesome! Thanks Jared. 

Yeah Andrew, the original FHA loan is still very young (20 months) so I was looking into refinancing but it doesn't seem like a worthwhile option just yet, unfortunately.

The only problem with the other FHA might be distance. The new job is only 80 miles from my original property. I will definitely follow up with other lenders though.

I currently own a home in Philadelphia. I had to move suddenly for a job and have been renting out that property in Philly. I am now moving again and was thinking of house hacking in the new location. However, because the first property was financed through an FHA loan, I can't use FHA as an option for financing my next property and one lender told me that any other conventional loan with a low down payment (1-3%) would not work when purchasing a multi-family property. Does anyone have any suggestions about loan options that would get me out of the range of 15-20% down?

The other thing I should mention is this all happened about a year ago. That is to say, I moved St the end of last December and have been renting for a year now. Like I said, I just came across this site and I'm freaking out a bit that I made a huge mistake in just figuring it was fine. 

I literally just found this site two days ago. I moved to a city for a job and bought my first house with my wife. Within 6 months, we were forced to move because of my job. Not being able to sell without taking a huge loss, we started renting it. I'm now wondering if I did something wrong after reading some posts here because although we bought the property with the intention of living in it, and did so for 6 months, we are renting it before the 1 year rule. I changed my insurance, but I don't know if I ever did anything with the mortgage company. Should I notify them of the change? How should I go about it?