Asked by Dn, Chicago, IL • Thu Nov 29, 2012
I purchased a 4 flat in 2011 in Logan Square for around $600K with an FHA. I currently live in one of the units. My fiance and I are looking to purchase a single family home (likely in Oak Park) within the next two years. I am aware of the restrictions on getting a second FHA loan and I do not meet any of the exceptions nor will my current FHA loan be paid down enough to refi. So I have two questions:
1. Assuming my credit, income, etc. are satisfactory, what is the likelihood that I can get a non-FHA loan but put less than 20% down (more like 10)? I would rather keep the balance in my savings rather than put it all in up front.
2. Alternatively, how difficult is it to get a purchase/construction loan if we found a fixer-upper and hired a contractor to do the rehab? From my understanding, partial construction loans are difficult to get, especially nowadays. I'm wondering how my existing FHA loan would further complicate things. Let me know if additional detail would help. Thanks
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