FHA loans for house hack

[Christine Wilcher]

Hi all,

Would I qualify for another FHA loan and potential grants if I have 2 rental properties in my name already? Would it be a good idea to transfer these rentals to an LLC in order to qualify? I like to purchase turnkey and use the house hack method. Looking for the best way to purchase another property with minimal cash up front. Any advice would be greatly appreciated!

[Wale Lawal]

@Christine Wilcher

Qualifying for another FHA loan can be challenging due to its focus on owner-occupants. However, if you relocate or have a larger family, you may qualify. Using an LLC can provide liability protection and business structuring. Local grants and first-time homebuyer programs can help minimize upfront costs. House hacking with low-down payment loans, conventional loans, owner-occupied financing, seller financing, HELOC, down payment assistance, or partnering with investors can expand your portfolio.

Good luck!