Two houses

[gpabear]

from kentucky.
i have two houses on my lot. in order to qualify for fha re-financing i must remove one house from my posession. i do not want to sell the second house. what are my options?

 

[HomeGuru]

from kentucky.
i have two houses on my lot. in order to qualify for fha re-financing i must remove one house from my posession. i do not want to sell the second house. what are my options?

**A: CPR the property into 2 condominum units and deed one of the units to Little Bear.

signed,
Running Bear

 

[gpabear]

thank you

thank you for the quick reply ! can i deed just the house or do i have to include some type of land with it.

 

[HomeGuru]

You need to include the land also. Make sure you fully understand the reason for the lender's requirement.

 

[gpabear]

requirement

the lender says the extra house ,which i rent out, changes the property to commerical. makes no sense to me. would i be better off trying to get a business loan?

 

[HomeGuru]

No, because an income property loan has a lower L/V and higher interest rate.
You are dealing with FHA underwriting. Double check FHA loan refi requirements www.hud.gov
Check into a Fannie Mae/Freddie Mac type loan as they have a 1-4 unit conventional loan program.