Multi-Family and Apartment Investing

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Emanuel Ohunwu
  • Rental Property Investor
  • Dallas, TX
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Homestyle FHA Loan to purchase a 2nd rental property

Emanuel Ohunwu
  • Rental Property Investor
  • Dallas, TX
Posted Jul 22 2019, 21:00

So I'm working on buying my 1st investment property that's a townhouse. I found a duplex in Dallas that I'm also interested in purchasing using a FHA homestyle loan. Can I buy a 2nd property that I intend on occupying using a homestyle loan? The 1st property will be with a 30yr traditional mortgage. I'm waiting to hear from the mortgage company on whether I'll be able to put the 1st home under my LLC. Has any ever used a homestyle loan?

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Patrick Ellis
  • Contractor
  • Dallas, TX
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Patrick Ellis
  • Contractor
  • Dallas, TX
Replied Jul 23 2019, 13:57

Emanuel, I do believe you can purchase a second home using a Homestyle. As long as the first was not a Homestyle. You will need to work with an approved contractor on the remodel.  If you need help, we are approved and a preferred contractor for Homestyle and 203K projects.

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Emanuel Ohunwu
  • Rental Property Investor
  • Dallas, TX
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Emanuel Ohunwu
  • Rental Property Investor
  • Dallas, TX
Replied Jul 23 2019, 15:57

Thanks Patrick! I'll keep you in mind if I end up using the homestyle loan. 

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Wayne Brooks#3 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#3 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied Jul 23 2019, 17:08

@Emanuel Ohunwu Home style is not fha, it's Fannie Mae. You can't buy either one with an LLC.

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Emanuel Ohunwu
  • Rental Property Investor
  • Dallas, TX
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Emanuel Ohunwu
  • Rental Property Investor
  • Dallas, TX
Replied Jul 23 2019, 17:17

@Wayne Brooks Yea,I realized after I posted that the Home Style program is under Fannie Mae. Also I'm aware that I would have to owner occupy any home that uses 203k or Home style program. Thank you for your input.