FHA and Conventional Simultaneous Purchases
Hello everyone -
I'm looking to purchase a multi-family home and house hack. This will be my first purchase and I meet all the criteria to qualify for an FHA loan. My question is this...
I have enough saved up for a 20% down payment - however, I was thinking about using an FHA loan for my first property (and living in it) and then start looking to purchase a second multi-family home shortly after with a conventional loan and 20% down. I'm assuming in this scenario that the numbers on the first purchase make sense even with MIP.
Has anyone done something similar on their first purchase(s) and willing to share their experience? Am I going to have a hard time getting the FHA loan if the lender can see that I have enough saved for the bigger down payment? Any other concerns with this approach I should know about?
Thanks in advance!