FHA Loan for Duplex - Stuck for 3 Years?
Hello! My Husband and I are looking to buy our first duplex this summer. We've been approved for an FHA loan.
We read this on BiggerPockets recently regarding an FHA loan and living in the duplex you buy with it:
"After a year of living in the home, you can legally move out and rent the property. There are no laws against doing this. However, unless you own 30% of the property at the time you rent it out, you will not be able to get another loan until you have two years of landlord experience with that home on your taxes. Going this route means you will have to wait 3 years to buy the second property. Most new investors don’t know this going in and find out too late."
Does this mean you can't get another "multi-unit" loan within 3 years? Does this include a 1-unit loan?
Say after one/two years we have enough saved, and want to buy a little single family home for ourselves, and rent out the side of the duplex we had just lived in. Is is possible to get a conventional loan for a 1-unit home during those "3 years" the above paragraph mentions?
Please advise, thanks!
Sam