FHA loan clafirication

[Ethan McRae]

Hi all,

I read this awesome BP article here

https://www.biggerpockets.com/blog/2015/03/25/fha-...

but I have some questions I was hoping to get some help with.

In the part where Lee says:

"you will not be able to get another loan until you have two years of landlord experience with that home on your taxes",

does this mean that you have to wait two years while being a landlord for that property before you can get ANY second loan or just another owner occupied loan?

If I bought a duplex for my first rental property, if all went well, I think I would want to dive into buying a second property not too long after. Is this feasible when purchasing a duplex with an FHA loan?

Thanks

[Jeff Brower]

The two year deal is mainly for debt to income qualification purposes. If you need to use the rent from your unit to qualify for the next home, then most banks want to see two years of history on your taxes. Some banks will simply use 75% of appraised rent, so you have to ask around. Nothing is stopping your from purchasing another rental conventionally right after you buy your duplex with FHA, so long as you can qualify.