Asked by vdbpcl, Tonawanda, NY • Fri May 24, 2013
I currently own a house in Amherst, NY 14221. It's a single-family house. Due to personal issues (marriage and stuff), I decided to rent the house out. It is under FHA and I do not have much equity in there since we only lived there for a little over 2 years.
I prefer not to go back to renting an apartment again. So, I'm thinking of getting a multi-family house in Kenmore Area. It is less expensive than that house in Amherst. I talked to a loan officer and this are the pieces of information I gathered:
- I cannot get another FHA, since I already have one. But I COULD get out of FHA so I can get a new FHA loan for the second house I'm thinking of getting.
- One option to get out of FHA is to refinance the first house, but if I do that, it has to be refinanced as non-owner occupied since I am already renting it. This requires a much higher equity, if I understand it right. And I do not have much equity on the house.
Do I have other options?
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