Problem with 20% down
I just refinanced my first home and did a cash out refinance. My plan was to go for an FHA loan for another 10% down loan. I have closed and discovered that my new loan is an FHA but the only way to buy is using an investor loan of 20% down. I can only afford 10% and closing fees but not 20%. Is there a way to refinance again? by dprice461 from Jamestown, Louisiana. Dec 13th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
YES, in theory you can refinance most loans right away. Almost no one ever does, because it wouldn't make any sense. Not sure how you can get all the way to after closing to figure out the new loan was FHA, but OK... It is what it is... Never say never, but unlikely you'll find any investment loan less than 15% down, and most will be 20%. Multi-family units are usually 25% down. I suggest talking to someone other than you used for the recent refinance. Sounds like they didn't do you ay favors. I lend in MN WI IA SD ND. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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