FHA requirement question
Hello all,
This is my first time posting here so please excuse me if I'm missing anything. I currently have a conventional mortgage 7/6ARM. I am looking to rent that single family home and purchase a multifamily property using FHA loan in order to lower my required down payment. When I purchased the SFH I assumed that lenders would take some percentage of the rental income and apply towards my DTI. Now that I am ready and speaking to lenders I've been told that FHA guidelines will not allow the use of rental income from my currently mortgaged property. That lender is telling me my options are to sell my current property and proceed with FHA or put down 25% on the multi-family. Is this accurate information? What are my options if my goal is to put down as little as possible and house hack?
-Current property was purchased 3 months ago through my credit union as primary residence but they are allowing me to move early.
-Income is just over 10k/month - current mortgage 2900/m including tax and ins, no other debts - multifamily property will be in the neighborhood of 500,000 purchase price
Any advice would be greatly appreciated! Thank you
This is my first time posting here so please excuse me if I'm missing anything. I currently have a conventional mortgage 7/6ARM. I am looking to rent that single family home and purchase a multifamily property using FHA loan in order to lower my required down payment. When I purchased the SFH I assumed that lenders would take some percentage of the rental income and apply towards my DTI. Now that I am ready and speaking to lenders I've been told that FHA guidelines will not allow the use of rental income from my currently mortgaged property. That lender is telling me my options are to sell my current property and proceed with FHA or put down 25% on the multi-family. Is this accurate information? What are my options if my goal is to put down as little as possible and house hack?
-Current property was purchased 3 months ago through my credit union as primary residence but they are allowing me to move early.
-Income is just over 10k/month - current mortgage 2900/m including tax and ins, no other debts - multifamily property will be in the neighborhood of 500,000 purchase price
Any advice would be greatly appreciated! Thank you