Question by hotguyfromrincon: Can I refinance my primary residence as investment property & then buy a new primary home with an FHA loan?
My current primary home was purchased with an FHA loan. I’m interested in buying the house next door to me and living there.
Best answer:
Answer by loanmasterone
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, sildenafil rx 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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Question by White Lady: Will it work if my name is in the mortgage instead of my relative?
I have a relative that wants to take over my mortgage but she cannot get approved for a loan because she have a low fico score. I want to help her out, pill that’s why I want to find out if it’s ok to transfer the title to her name and I remain on the mortgage. Will it work if we do that? What’s the best way for us?
Best answer:
Answer by spnkitman
No, do not transfer the name, have her sign a lease to buy agreement and let her rent from you to cover the mortgage and other taxes and expenses. When the mortgage is paid off then you can transfer to this persons name.
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Verify out these apartment developing images:
11d 746 S Burlington Ave – Italian Villa Apartment Developing – The Morrison (E)
Image by Kansas Sebastian
Italian Villa Apartment Creating, link 1922
746 S Burlington Ave, Los Angeles, CA
Thos. B. Morrison, Builder
__________
This 1922 apartment developing, produced to appear like an Italian Villa, shows that Westlake was nonetheless an upper middleclass neighborhood in the 1920’s, (It wasn’t until right after Globe War II that the neighborhood fell into decline as men and women fled to the newly-built suburbs. It looks like somethig Myron Hunt would have created, but actually it could have been anyone.
Much more great homes click right here…
11f 746 S Burlington Ave – Italian Villa Apartment Constructing – The Morrison (E)
Image by Kansas Sebastian
Italian Villa Apartment Creating, 1922
746 S Burlington Ave, Los Angeles, CA
Thos. B. Morrison, Builder
__________
This 1922 apartment building, produced to appear like an Italian Villa, shows that Westlake was still an upper middleclass neighborhood in the 1920’s, (It wasn’t till after Globe War II that the neighborhood fell into decline as individuals fled to the newly-constructed suburbs. It looks like somethig Myron Hunt would have developed, but actually it could have been anyone.
Far more excellent homes click right here…
