@DallasLoanGuy wrote:
@CS800 wrote:I already have an FHA. I have read about the rules for 2 FHA's (house not big to sustain existing family, commuting distance etc) but they dont apply to me.
Also would it be easier to refi my existing house to a conventional loan from FHA, what does this entail? Good or bad idea?
if you do not qualify for an exception..... then the only way to get another fha loan is to refi the current. but if you do not intend to occupy that property as a primary residence....(you mentioned buying another home with fha)..... you will have to refi into an investment loan.
with good credit, 5% down conventional might be your best option.
So refi my current FHA into a conventional? Then use the FHA for the condo (but i need to live there?)
When you say good credit what;s the minimum score (middle score)?
@DallasLoanGuy wrote:
@CS800 wrote:
@DallasLoanGuy wrote:
@CS800 wrote:I already have an FHA. I have read about the rules for 2 FHA's (house not big to sustain existing family, commuting distance etc) but they dont apply to me.
Also would it be easier to refi my existing house to a conventional loan from FHA, what does this entail? Good or bad idea?
if you do not qualify for an exception..... then the only way to get another fha loan is to refi the current. but if you do not intend to occupy that property as a primary residence....(you mentioned buying another home with fha)..... you will have to refi into an investment loan.
with good credit, 5% down conventional might be your best option.
So refi my current FHA into a conventional? Then use the FHA for the condo (but i need to live there?)
When you say good credit what;s the minimum score (middle score)?
yes. refi cond into conventional as an investment property.
use fha on the condo i you intend to live there.
680 likely required for loans with less than 20% down (private pmi requirements)
Right now my house is FHA and the condo is what im going to buy
So instead of doign a refi on my house to a conventional, you say I can do a 5% down conventional on the condo?