All Forum Posts by: Natalia Soares

Check out this site. Everyone sharing their rates. At the top there is a search box. Type in keywords like investment or rental. https://www.bogleheads.org/for...

Check out this site. https://www.bogleheads.org/for...

Do HomePossible (2-4 units). After a year, buy another with the FHA (2-4 units). Then after a year you can do HomeReady (1 unit). I wish I had. If you start with FHA, you can do the HomeReady. If you wanted to get another 2-4 unit, you will need to refinance out of the FHA into a conventional and then get another FHA.

Hi everyone, I am currently almost at my one year mark with my fha loan. I have 3 months left. I spoke to one broker so far and my options with them are:

A)

- refinance my current fha to a conventional. My mortgage is going to increase by $200/250. It will have PMI that is cancellable. So in the end the net will be zero. My interest rate on this loan was so low, 3.50%. Rates are so much higher now ugh.

- Purchase a 2-4 unit with an fha loan

- After one year, I can buy a 1 unit with a HomeReady loan w/ 3% down

B)

- Don’t refinance fha 

- Buy a 1 unit with HomeReady loan

The opportunity cost here is not refinance get fha and missing out on an additional stream of income from getting another multi.

I just started with my research and I know there is more out there.

What I highly suggest those starting out to do as a short term plan is

- buy a 2-4 unit with the HomePossible loan w/ 5% down

- after 1 year, buy another 2-4 unit with an fha loan with 3.5% down

- after 1 year, buy a 1 unit with 3% down

I heard this plan recently on the JF1401 podcast. I wish I heard this 1 year ago. 

What are you thoughts on option A or B?

Thanks,

Natalia 

What about the loans out there for 5% down? Keep us posted on what you find and as the podcasts constantly says, if one says no, go to the next. 

I know. At first we were getting crazy ratesbut then we finally went to our lenders preferred vendor and the difference was drastic. Below are the details.

Ryan Kent at Ironside Insurance Group 

www.IronsideInsuranceGroup.com

@Angie Briggs congrats on your property in Salem! How much have you put into the property?