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.

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.

@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.

Thanks for the feed back I was under the assumption you could only acquire 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.

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. 

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