Homestyle FHA Loan to purchase a 2nd rental property
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?
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.
Thanks Patrick! I'll keep you in mind if I end up using the homestyle loan.
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@Emanuel Ohunwu Home style is not fha, it's Fannie Mae. You can't buy either one with an LLC.
@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.