Conventional Mortgage and Investment Property Mortgage
Hello,
I recently bought my first investment property in Mesa, AZ and have a 17.7% return on cash invested with 20% down. I am trying to figure out my next move and have a few questions. I live with my girlfriend in a condo she bought in Pasadena, but I want to purchase a multi-unit/family property in the Pasadena area with a conventional loan. I want to do this to cover our living expenses and mortgage cost, possibly rent out her place, and save up for a decent home of our own. Is it possible for me to qualify for an FHA loan to get this type of property? How long do I have to live in it before I can move out or buy a new place without effecting the loan type? I know my investment property loan rate was much higher than a standard mortgage would have been, so I am trying to figure out the best way to move forward. Thank you in advance for your help.
-Brett