We bought our first SFR in May and are now doing a house hack - renting out the basement. We have an owner occupied mortgage on the property, and from my understanding, we have live in the property for one year before securing out next owner-occupied conventional mortgage. Our plan is to move out of our current property at that time and move into a tri or quad plex - renting out the remaining units. Do you foresee any issue with securing a second owner-occupied mortgage for a MFR? Of course we wouldn't be purchasing anything bigger than a quadplex to stay within the realm of residential. The other option is to secure a investor loan for a MFR and stay in our current residence - but we live in CO and coming up with the 20% for a MFR would turn out to be a down payment of at least 100k and it will take us at least 4 years to save that kind of cash - which is why i'm opting for the first option. I am aware there are other non-traditional routes of securing financing but since this is only our second deal, i'm leaning toward more conventional routes at the moment. Any input/feedback appreciated! PS - we have minimal equity in property number one.

@Yaicha Bryan yes, there are several pointers here you need to be aware of:

- For a primary, 2-4 unit, conventional loan your minimum down payment is 15%.  You mentioned that 20% would take several years.  So please know that 15% would be needed at a minimum.  

- There might be a possibility to use an FHA loan on your next primary home but there are a lot of rules that will go into place here. Specifically if your current loan is an FHA loan. Do you know what type of loan you have currently?

@Yaicha Bryan Is your existing mortgage an FHA or a Conventional?

Conventional, not FHA

Then just use an FHA to buy your next 1-4 unit owner occupied place with 3.5% down payment.......Your all set!!!