Several questions for all of you mortgage gurus…I am currently renting out my townhouse which is financed with a FHA backed mortgage, and will be keeping it as an investment.
My fiance and I are going to start house hunting in a few months. Would we have to go conventional, or can we go FHA (even though I already have an FHA loan)? Are there any advantages to going FHA vs. conventional (other than the smaller down payment and lower credit requirements). If so, would it be worth refinancing my townhome to a conventional loan? FYI she does not have a mortgage right now, and we will both be on the mortgage/title of the new home
Will we have any problems qualifying for a $ 350K mortgage? We both pulled our mortgage scores in early February.
Her middle score is 765; mine is 698.
Combined income is $ 165K.
Combined debt obligations is about $ 1800/month (used 2015 Schedule E to determine profit/loss of my townhouse).
5 or 10% down payment.
Any advice would be appreciated. Thx!