FHA question for the Mortgage Brokers out there.

[Shane Short]

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!

[Anastasia G.]

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.

[Wayne Brooks]

@Shane Short Yes, fha loans are simply for owner occupiers....you can already own other properties as fha loans are Not just for first time home buyers.