Comments on: Can I refinance my FHA loan into a conventional loan so I can rent out my house and buy a condo? http://fhahomerefinance.us/can-i-refinance-my-fha-loan-into-a-conventional-loan-so-i-can-rent-out-my-house-and-buy-a-condo/ Find Out All About FHA Home Refinance, FHA, can i refinance a fha loan, can i refinance an fha loan, can i refinance fha loan, can i refinance into an fha loan, can i refinance with an fha loan, can you refinance a fha loan, can you refinance an fha loan, can you refinance fha loan, can you refinance with an fha loan, cost to refinance fha loan, countrywide fha refinance, do i qualify for an fha refinance, fha backed refinance, fha backed refinance packages, fha cash out refinance, fha foreclosure refinance, fha forward refinance, fha home loan refinance, fha home loan refinancing, fha home loans refinance, fha home loans refinancing, fha home mortgage refinance, fha home refinance loan, fha home refinance loans, fha home refinance rates, fha jumbo refinance, fha loan and refinance, fha loan for refinance, fha loan mortgage refinance, fha loan refinance, fha loan refinance program, fha mortgage refinance, fha mortgage refinancing, fha quick refinance, fha rapid refinance, fha refinance, fha refinance application, fha refinance appraisal, fha refinance authorization, fha refinance bad credit, fha refinance calculator, fha refinance cash out, fha refinance closing costs, fha refinance companies, fha refinance cost, fha refinance credit score, fha refinance fees, fha refinance guidelines, fha refinance home loan, fha refinance home loans, fha refinance hud, fha refinance interest rate, fha refinance interest rates, fha refinance leads, fha refinance lender, fha refinance lenders, fha refinance loan, fha refinance loan rate, fha refinance loan rates, fha refinance loan requirements, fha refinance loans, fha refinance mip, fha refinance mortgage rates, fha refinance mortgages, fha refinance options, fha refinance plan, fha refinance pmi, fha refinance program, fha refinance programs, fha refinance qualifications, fha refinance rate, fha refinance rates, fha refinance requirements, fha refinance restrictions, fha refinance rules, fha refinance upside down, fha refinance with cash out, fha refinancing, fha secure refinance, fha secure short refinance, fha stream line refinance, fha streamline mortgage refinance, fha streamline refinance, fha streamline refinance program, fha streamline refinance rates, fha streamlined refinance, fha va refinance, free fha refinance, government fha refinance, home affordable refinance fha, home equity loan tennessee refinance mortgage lead fha, how to qualify for fha refinance, how to refinance a fha loan, how to refinance an fha loan, how to refinance fha, how to refinance fha loan, how to refinance with fha, new fha refinance program, no cost fha refinance, qualifications for fha refinance, qualify for fha refinance, refinance a fha loan, refinance an fha loan, refinance into an fha loan, refinance into fha loan, refinance my fha loan, refinance to a fha loan, refinance to an fha loan, refinance to fha loan, refinance with a fha loan, refinance with an fha loan, refinance with fha loan, refinance your fha loan Right Here! Mon, 11 Jan 2010 20:17:48 +0000 http://wordpress.org/?v=2.8 hourly 1 By: Lisa L http://fhahomerefinance.us/can-i-refinance-my-fha-loan-into-a-conventional-loan-so-i-can-rent-out-my-house-and-buy-a-condo/comment-page-1/#comment-426 Lisa L Thu, 12 Nov 2009 12:02:52 +0000 http://fhahomerefinance.us/can-i-refinance-my-fha-loan-into-a-conventional-loan-so-i-can-rent-out-my-house-and-buy-a-condo/#comment-426 Unless you have an FHA loan insured by Bond money, you only have to live in it for one year before it can become investment property. Unless you put a lot of money down or are paying extra, the mortgage insurance will not be paid in full in 5 years with the FHA loan. Your LTV has to get down to 78% for it to drop off. Five years is the minimum amount of time you must keep MIP on an FHA loan. If you refi to a Conventional loan you must live in it for one year as your primary residence. It is much cheaper to refi as a primary residence than investment property. There should be no penalty for refinancing from an FHA loan. Just plan the closing so the payoff is received by the 1st day of the month or you will have to pay a full month's worth of interest. There are lots of headaches with rental property, especially if you are out of town. I would sell & use the equity as a downpayment. Unless you have an FHA loan insured by Bond money, you only have to live in it for one year before it can become investment property. Unless you place a lot of money down or are paying extra, the mortgage insurance will not be paid in full in 5 years with the FHA loan. Your LTV has to get down to 78% for it to drop off. Five years is the minimum amount of time you must keep MIP on an FHA loan. If you refi to a Conventional loan you must live in it for one year as your primary residence. It is much cheaper to refi as a primary residence than investment property.

There should be no penalty for refinancing from an FHA loan. Just plot the closing so the payoff is received by the 1st day of the month or you will have to pay a full month’s worth of interest.

There are lots of headaches with rental property, especially if you are out of town. I would sell & use the equity as a downpayment.

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