Rental Property Investor · Flint, MI · Member since 2019 · 114 posts · 26 votes
So I was taking to a loan officer and he told me that I can only use the FHA loan 1 time and for me to use repeatedly I have to switch my fha loan into an conventional loan, so I was wondering what would be the pros and cons of me doing this ? Like once I switch it to conventional after staying in it for a year would I have to stay in the same house another year once i which it over before doing another fha? My goal is to house hack 10 times using the fha method, even though that PmI going to add up through the years cant j still right that Pmi off as a tax right off ?
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
5y
That's not the best advice from a loan officer it's a little vague. You can use FHA more than once but it depends on your move to move scenario. For example if you purchased a primary home and used FHA to qualify and after some time decided to buy again you could go FHA again. FHA allows you to use the process to buy another home if you need to move closer to work, school, out of state, bigger home etc. You would have to qualify debt to income wise but if the purpose of the home fit the guide lines rulebook, HUD 4155.1 You could buy your next home using FHA.
There are a lot of loopholes when buying and using FHA, VA-Military, USDA, DPA-Programs you just need a seasoned mortgage banker who can walk you through the process ahead of time. Reach out to me if you ever have any questions always happy to help bigger pocket members save time and avoid hassles!
Rental Property Investor · Flint, MI · Member since 2019 · 114 posts · 26 votes
5y
@Joe Splitrock wow really !! I didn’t know that ! So after 4 investment properties they go up to 25%? That’s wild tbh they really make it difficult for someone To grow they portfolio, and what made you get into investing ? And how many mortgage brokers and realtors you dealt to find a deal a year ? That’s honestly extremely fast that’s what I want to do