Proof of moving into FHA, for loan approval
Scenario:
I'm trying to use the FHA loan strategy to acquire a home each year.
Personal credit is great, and my primary residence has plenty of equity, and income is sufficient for purchase of additional home.
Problem:
While attempting to get pre-approvals for loans, the FHA lenders are questioning that I will "down size" and move into homes of lesser value than my existing primary residence.
Mortgage Brokers suggestion:
"Get your primary residence rented out, then go rent a place for 6 months. Then maybe they will approve an FHA."
Question:
1)Has anyone else faced this issue when trying to apply this strategy on an annual basis?
2) Is there a better solution to prevent having to rent from a third party prior to purchasing a second property under an FHA?
3) Any other suggestions for applying the FHA strategy?