Fannie Mae / FHA

5 Replies

If I purchased a Fannie Mae owner occupied property would I be eligible 12 months later to purchase an FHA owner occupied property.

[email protected] | 206 ‑225‑6572

So your are wanting to know can you use a an FHA to buy your primary home every 12 months to take advantage of the low down payment? I believe you can as I know someone who is doing something very similar.

Medium buymemphisnow stacksCurt Davis, Buy Memphis Now | [email protected] | 605‑310‑7929 | http://www.BuyMemphisNow.com

@Kelvin Schaeffer you will be allowed to have only one outstanding FHA loan. FHA is an owner occupant program. So you would have to refinance or sell the first one.

@Kelvin Schaeffer  

The best thing for you to do is find a good Loan Officer or broker that can structure your deals correctly the first time.

When you have a good LO in your corner not only will these questions be answered but you can form a game plan for all of your future business.

I hope this helps and have a good one.

Shaun Weekes, Innovation Lending Solutions | [email protected] | 949‑610‑3126 | https://www.facebook.com/Innovation-Lending-Solutions-Inc-261955880814516/ | CA Agent # 0L51686

My wife and I have bought two homes on the conventional 5% down owner occupied. You have to live there for a year but it has worked well. The only downside is you have to "upgrade" because they will think you are doing it to get around the investment 20%. we capped out on this last one as we don't want to get a more expensive home. However we got 2 homes with 5% down in 12 months. We bought one in dec 2013 and the other dec 2014 closed almost exactly 1 year apart.