FHA Non-occupant Loan
Hello Everyone,
I'm located in Houston, TX. My wife and I are in the process of closing on our first home at the end of the month. My goal is to have multiple investment properties to fund my dreams and leave my 9-5. My wife and I used the VA Loan to purchase this property. (We are both veterans) My wife is a stay-at-home mother and wife however she is also a disabled veteran. To utilize the benefit, her name is on the loan as the borrower and I am on the loan as a co-borrower.
I recently did some research about an FHA non-occupancy loan. I would like to utilize this loan to purchase a second property with me on the loan as the primary borrower and use the BRRRR strategy to turn it into an investment property.
I don't want to do anything illegal of course but I don't have any money to put 20-25% on an investment property. Would this route make sense? What would be the best way to get a second property for investment purposes?
Hope someone can help.