Can I refinance my primary residence as investment property & then buy a new primary home with an FHA loan?
Wednesday, August 11th, 2010 at
2:43 pm
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Filed under: investment property loan
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You may purchase another home using FHA financing. There are certain restrictions in doing this.
I am pretty sure purchasing the house next door would not qualify.
Yes you can refinance your current home and apply for another FHA loan. I think you would still have the same problem as to the proximity of the new house to your current primary residence.
In order to see if you are qualified to do what you are seeking to do you should contact a mortgage broker that does FHA mortgages for qualification guidelines.
If you are not qualified for a FHA mortgage, I am sure the mortgage broker will have other programs you are qualified for.
I can see what you are attempting to do and that is pay off the existing home as a owner occupied property and then purchasing the new property as owner occupied. That is a great idea.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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Sure, if you qualify and you have enough equity in your current property, you will need at least 20%.
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I’m a mortgage banker/broker licensed in all 50 states