Question about FHA and VA loans

[Luke Mertz]

I know to use an FHA loan the house has to be your primary residence. What are the requirements to be considered your primary residence. For instance, could you purchase a duplex back home and while you go to college you rent out one unit and live in the other unit while at home.
Then for example if you do this 2 times while in college, by the time you are done you have 4 units to your name and you could buy another and do the same. 
I know you have to live in it for a year to qualify for the loan so could you theoretically do this?

What about using a VA loan.
After a few months of service you qualify for your VA loan so could you use that for your primary residence. So you make it your primary residence and "live" in it for a year whilst doing college or military affairs then repeat the next year.

[Derek Brickley]

Hey Luke!

Yep, you're on the right track! FHA loans require the home to be your primary residence, which means living in one unit within 60 days and staying at least a year. But yeah—buying a duplex back home, living in one side while you're home from college, and renting the other is totally allowed. And yes, you can do it again with a new place as long as you intend to live there each time.

VA loans are even more flexible. After a few months of qualifying service, you can use a VA loan on up to a 4-unit too. You've gotta intend to live there, but if you're active duty or in school, you're not stuck 24/7. Living there for a year is recommended, but the rules don't spell it out as strictly. You can have more than one VA loan and if needed you can restore entitlement after refinancing or selling.

So yeah—repeat this during college and you could end up with 6+ doors by graduation.

Smart plan, if you have questions or anything feel free to reach out tho.  I started househacking too.