First post, so I apologize if this is two place to put this post.
So I bought my first property with an FHA loan in 2019, I was luckily enough to find a below market 2-family short sale in north jersey. Since then I have put a lot of work into the house. I would like to implement the BRRR strategy, and buy another property to live in, and rent out the current one, I am planning to do a cash out refinance in the next few months, and then I would like to finance the second property using a residential mortgage, live it in while I rehab it. I would like to buy another two-family home, as I can used the second unit to help pay for the mortgage. However I was told by a lender I spoke with that I would only be able to finance a one family home. Is there any situation I can finance another two family using a conventional loan.
Talk to another lender. As long as the property will be owner occupied, you should be able to buy a property with up to four units.
So I can finance another 2 family with an owner occupied conventional loan, even if I already have a 2 family loan
@Hector R. I need a bit more info to really assist here, but on the surface, it look like you should be able to move out of the home you live in now and into another property since you've lived in the property for 2 years. The loan for the next property will use 75% of the rental income on your current property to offset the DTI a bit. Financing a second multi would be easier than a single because of the rental income, so im not sure why you were given the answer you stated here, I would talk to another lender for a second opinion