Updated about 5 years ago on . Most recent reply
House hacking and conventional loan
Hi i will try to keep this simple. I am in the search of buying my first house. I am looking to house hack a multifamily which would more or less pay for the mortgage of that home. I think i will be ok with my first purchase my concern is how to go about buying my second property. I know you can only have one FHA loan at a time. My plan was to save up the 20% to put down on another property using a conventional loan but i am unsure whether you can have a conventional loan while having an FHA loan. Alternatively would it be better to pay up to 20% of the FHA loan in order to refinance into a conventional loan and then the second property use an FHA loan. Please give me any insight you guys hace it will be helpful. Also how you guys got started will also help.