Asked by Chattychica04, 20121 • Tue Aug 7, 2012
My husband and I have had an FHA loan on our townhouse for 4.5 years. We are way underwater due to the economy so we do not want to sell however we are expecting our first child and we need a bigger home. We started the new FHA refinance process on June 11th, 2012, the date it went into effect. After we talked for a bit we realized we should just try to move and rent out our townhouse. We were suppose to close on the refinance by the end of June. That didn't happen, in fact they messed up our paperwork and we are unable to close until tomorrow 8/8/12. We ended up finding a house a few weeks later and they were in a hurry to sell so we actually closed on a new home with a conventional mortgage on 7/31/12. We will live in our current townhouse until 9/1/12. At that point we will rent it out. I am very worried now about closing on the refinance tomorrow. Our original intention was just to lower the mortgage and then we realized we should just get a bigger home. Are we violating FHA rules?
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