Hi all, I have a question regarding FHA loan financing.
I currently own a duplex in Buffalo, NY (my hometown) that I financed with a conventional mortgage (20% down). I did this because I am currently finishing up college in Boston, where I would not be able to afford the downpayment (even with an FHA loan) on a multi-family property commutable to my school.
So my question is this: after graduating and settling down with a full-time job somewhere, will I be able to qualify for an FHA loan on a multifamily property (where I would reside in one of the units) even though I currently own investment property? A google search yielded a variety of answers, I was hoping somebody in the community had experience with this.
Yes. What else you own is irrelevant as long you qualify for the loan, and will live in it.
@Ethan Beutel Welcome.
Also depends on your major.
You'll be fine as long as you plan on living in one of the units for a 1 year minimum.
Also keep in mind that there is a $1m maximum loan exposure you can have with FHA. As long as your two loans are under that combined limit, you're good.
@Ethan Beutel yes as long as you have 4 or less mortgages.
The key is going to be your downpayment. Unless you can pull money out for you rnext home the previous house is irrelevant. You might want to see if your area has some "owner financing, low income, or other special programs". That being said, fha is only 3.5%.
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