In a recent discussion with my go-to mortgage lender, it was stated that House Hacking using a FHA 3.5% down loan is a "one-and-done" thing because the FHA underwriters will almost certainly not approve a subsequent loan request on a 2-4 unit home because they will deem it an attempt to buy investment properties instead of truly owner occupy.
Since I know there are surely many people here that have house-hacked multiple properties, I wanted to ask . . . have you used the FHA 3.5% down loan subsequently or multiple times? What loan products have you used? If multiple different types, which do you prefer?
Thanks in advance for the input here!
Yes, you generally can only have 1 FHA loan at a time. A few exceptions, such as if you have to move for work.
After an FHA you could finance with a conventional loan.
The Freddie Mac Home Possible is conventional and allows 5% down on 2-4 unit however it does have a first time buyer requirement unlike the FHA.