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Answers (3)
- Marvin Hernandez, "Marvinloans"
- Contributions:20
Equity in your current property would be needed for two reasons...
Reason #1 to help refinance, Reason #2 to be able to use the rent if you buy another property unless your mother will solely be left connected to the duplex after you refinance then reason #2 wouldn't apply.
Getting things done prior or having a plan before moving forward would be good.
If you need more explanations let me know.
Good luck.
- CoreyMJ32_5
- Contributions:15
Thanks for the answer. I am in Whittier, Ca. Would the equity amount change if my mother whom is the co-owner of house and will be staying in the house, still has the house as a primary residence. Or should I get this done prior to starting the loan for the new house?
- Felicia Randall, "TCFelicia"
- Contributions:70
You can get a FHA loan for a foreclosure. However, it's subject to the loan limits for the area. Since you didn't indicate where you were I'll direct you to HUD's website
https://entp.hud.gov/idapp/html/hicostlook.cfm
It will be difficult to refinance your duplex unless you have 25% equity because you won't be able to claim it as a primary residence and it will be viewed as an investment property.
https://entp.hud.gov/idapp/html/hicostlook.cfm
It will be difficult to refinance your duplex unless you have 25% equity because you won't be able to claim it as a primary residence and it will be viewed as an investment property.
Can I get an FHA Loan for a Foreclosure?
There is a foreclosure for sale that I would like to purchase. I would to qualify for an FHA loan. The asking price is $695000. The home sold in 2005 for $1,200,000. It currently appraises for well over the asking price. I currently own a duplex that I would like to keep for investment purposes. Should I refi the duplex to get a lower payment to help with the loan?
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