Updated over 1 year ago on . Most recent reply
Multiple mortgages for investment properties
I am looking to purchase my first duplex with a FHA loan for my husband to live in for a year. I may also be buying another single family rental property several months following. Is this a red flag to banks for getting approved? I'm curious how they will think I'm eligible for another mortgage without enough "income" for the risk even though I will be renting it out.
Most Popular Reply
As long as you continue to occupy the property you purchase with an FHA loan and you're not applying for owner occupant financing on the other property, that shouldn't be a problem. I recommend discussing your strategy & financing with a lender to make sure you could qualify for both FHA and then an investment property loan.