Refinance 4 Fam FHA to 3 Fam?


Hi,

I am contemplating purchasing a 4 family brownstone with a FHA loan and using the savings on my downpayment to renovate the property into a 3 family. I am told that the only way to get out of MIP (PMI) is to refinance in 5 years. However, I understand the limit is lower for 3 family properties and will be going down soon. My questions are this:

- Is there a way to get rid of the MIP without refinancing the property?
- Anyone know where the 3 family conforming rate is headed?
- If the purchase price is $1.1M and I put 3.5% down, where will the property need to appraise as a 3 family to get me the future conforming loan?

Thanks!

Categories: Mortgage
By Boss77 | 05/03/2011 2:38 PM | Comment

Hoboken Brownstone – Contractors and Architect


Hi,

I am about to enter into contract to purchase a Hoboken brownstone that needs total renovation. Recommendations for Contractors/Architects who can work in Hoboken would be much appreciated!

Thanks

Categories: General Contractors
By Boss77 | 03/30/2011 9:34 AM | Comment