All Forum Posts by: Raymond Owens

I need you guys insight on two possible loan options. 1. I would like to see if I have enough value in my home to refinance conventional. (If not let's consider option 2) 2. Because I am currently using FHA loan having lived in my home for almost 3 years now (Aug 2018) I refinanced with you last year (Jan 2020), because my family has grown substantially and my job has relocated me to where I have to drive almost 20 miles everyday (one way) . Could I use the FHA loan again to finance a home that is larger and closer to my work location. And also will I be able to add my rental income property as a source of income?

So my job is about 10 miles away from my home so I don’t think relocating would help.  As of right now it seems my only option is to order the appraisal and hope that it appraises for 20% of the value and if that doesn’t help save up some cash and pay the difference to make up the reminder 20%..    I’m out of luck lol 

Okay thanks for the info everyone, my girlfriend is a licensed real estate agent in Chicago, she ran the CMAs, it doesn't offer me the 20% I need to refinance conventional. I do have some equity but not the full 20%. Is it possible to pay the difference in cash? I'm really looking for options to get out of FHA.

I’m not sure exactly how much it is worth.  I’m currently working on having an appraiser come out soon to give me that number.  I’m in Chicago Illinois. 

Hello all, 

Sooo I began my journey to becoming a real estate investor almost 2 years ago when I bought my first 2 unit property using the FHA (first time home buyers, 3.5%) Which is owner occupied. Fast forward to present time, I'm looking for something bigger. Potential a 3-4 unit or 6 flat and I'm speaking with lenders, each time they're saying they can't help me because I have a owner occupied loan and that the only way they can help is if I refinance out of the FHA loan into a conventional loan, so pretty much I have to pay 20% of what I paid for my 2 unit or have 20% of equity. Which would be around 47-50K. My biggest question is I feel that I am at a standstill in this investment process because no lender is willing to help because I am currently in the FHA loan. Are there any ways around this??? Thanks