So i was watching @Brandon Turners 's webinar the other day on financing incredible rental properties the other day, which was great btw. He talked about getting more than 1 FHA loan as long as you live in the previous property at least 1 year. So i want to attempt to do this, i have lived in my current 2unit Multifam house for 1 year already and have my eye on another place in town. I talked to a mortgage guy and he said i must have a reason to get the next property. So one reason would be that eventually my wife and i may want to have another child but in our current situation our unit only has 2 bedrooms. If we end up staying in the 2nd house longer than a year then we will def need that third bedroom.
How many FHA loans have you ever heard of someone having at any given time. And lets say in the future i have these 2 properties and want to get a 203K loan, will having the first two properties hinder that venture? how many 203k loans can someone get?
Are there other methods of continuing to get FHA / 203K loans?
you can only have one FHA 203k at any given time. you can have 2 FHA but under only very, very specific circumstances which are nearly impossible to get.
you may want to look at Fannie's new Homestyle program. It's basically an FHA 203k but not FHA, so it's much, much cheaper and better.
i could elaborate but PM me if you want to.
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