First Time Home Buyer

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Joshua Milam
  • Real Estate Agent
  • Fairhope, AL
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Buying a rental property before buying a primary residence

Joshua Milam
  • Real Estate Agent
  • Fairhope, AL
Posted Jun 3 2022, 15:56

Hello everyone, rookie investor here. My plan is to use a first time home buyers program, FHA loan 3.5% down on a duplex or triplex from about a year from now and house hack the rest of the rooms. My question is if I purchased a rental property before I had my own primary residence (the duplex or triplex) would that hurt my chances of obtaining the FHA loan? I have already asked two lenders and they did not have an answer for me off the top of their head. Any suggestions are appreciated. Thank you.

Mobile (Alabama), Alabama

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Replied Jun 3 2022, 16:17

Owning property/ having another loan does not in itself affect being able to get an fha loan. It may affect your dti which could affect your chances of getting any type of loan. 

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Jun 3 2022, 16:29

@Joshua Milam use a conventional loan to buy the 1st primary residence ..if you are using some sort of special bond or down payment assistance program - ask and reserach the details regarding the mon time frame that you have to reside in it ...if using a regular conventional loan - then you are fine with the plan to use a FHA loan to purchase a new primary residence MFR

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Joshua Milam
  • Real Estate Agent
  • Fairhope, AL
14
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6
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Joshua Milam
  • Real Estate Agent
  • Fairhope, AL
Replied Jun 4 2022, 04:21

Thank you very much! @Kimberly Engeman @Dave Skow