Having my husband use a FHA for second multi family

8 Replies

Hello all ! Wanted to know if anyone has ever try having their spouse or a partner buy a multi family with a FHA? I bought my duplex in 2015 with a FHA with my name only I got married in 2016 and we want to start a family problem is my apartment is only one bedroom and I have long time renters upstairs. My question is can my husband purchase another multi family with a FHA using just his name ? Also I live in Connecticut please let me know if anyone has had luck doing this ! TIA!

your allowed to have one fha loan at your credit report. If your husband doesn’t have any property financed under fha loan he should be good to go. I would speak to a mortgage broker for loan options if your husband is a first time home buyer to see if you can go low downpayment with convention since it’s way cheaper than fha. 

Hello @Diana Washington

I HIGHLY recommend this strategy. The best way to get started IMO, with small cash reserves, is to max out all the agency debt you can. (In a good way of course). 

You won't hear this much but you will get to a point where your DTI (Debt to income ratio) will be out of whack. That means you were too aggressive on tax returns or you don't make enough compared to your debts. This is ok and most investors hit this point. You will just have to turn to commercial debt or seller financing, etc.

I just worked with one of my past teacher friends, I'm now full time investing in real estate/part time agent. I represented her as an agent. She just got married, her husband already owned a home (Now a cash flowing rental.) But our goal from the start was to maximize their buying power with using the capital they had. So she went and bought a 4 family house hack with an FHA 3.5% down, they will be "making" +$175 while living in one of the units. This is not taking in the CAP EX which will probably be additional 300-500 a month, most has been taken care of already with new roof, siding, furnaces, barn. Its a very large 4 unit. But there is also some upside in the rents as well.

To sum it up, you ARE on the right path. No need to have it in both your names, maximize your buying power with a house hack 4-unit. 

I'm trying to think of any agents I know down there that are investor friendly. Maybe @Ryan Luby or @Michael Noto ?

thank you very much I’m really trying to get another bigger multi family and live there for a while. I did speak to a mortgage broker but she said it will be hard, I didn’t understand why she said that because he has no properties under his credit and I’m legit trying to start a family and my house is way to tiny for that right now. So I was thinking of righting a letter explaining this I also don’t live in the best neighborhood. Any thoughts on this ?

@Diana Washington I second the recommendation to use Michael Noto first. I am a licensed agent, and I am very familiar with investing so I am always happy to help anyone who needs it but I am more active with my contractors license, I know Michael is far more active as an agent.

Keep me in my mind if you ever need a home improvement contractor or would like another realtor in the future.

I definitely appreciate the shout-out Scott.

Best of luck Diana!

Agreed that it's possible. However, I'm not sure if the lender will allow you to use your income on the DTI ratio. Hopefully that does not cause a problem.