FHA question for the Mortgage Brokers out there.

2 Replies

Hey everyone, currently I am living in a 2 bedroom apartment with my girlfriend and a roommate and we split the rent 3 ways. It only cost me about 500 dollars a month to live here, which is great in the Portland Metro area, as I am only 0.3 miles from my day job, near my girlfriends college, etc. I'm pretty content currently where I'm at, and finding a good place for house hacking around here will take some time. 

My original plan was to purchase a house hack here, get situated, then start purchasing rental properties both here, and throughout Detroit Metro (this is home for me and I travel there many times every year). I was wondering though if I wanted to stay in my current renting situation and purchase homes in Detroit to rent with 20% down loans or conventional loans, could I still at a later date purchase my future home here under an FHA loan and qualify? Would I need to purchase the rental homes under my LLC, which ideally I'd like to do anyways?

Any information regarding this would be great!

Thanks for your time!

Hello Shane! Pleasure to meet you. It is easier to start with getting a loan like 203k/FHA/Conv with low downpayment - owner occupied. I would connect with local lender to learn about the programs, especially since you are an Agent. There might additional loan options/assistance from local lender. For example if you are a qualified first time homebuyer we provide subsidy/grants 15k towards downpayment/closing cost with combination of low downpayment options for multi (2-4) units.

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