All Forum Posts by: Kim Freeman

Thank you, Very helpful. I knew early on, another FHA was out of the question, What surprised me was the number of people telling me that ANY low money down conventional loans were going to be out of the picture BECAUSE of the FHA. That almost no bank would do it. I think the consensus here is that , it may be difficult but not impossible. I appreciate the community here.

Thank you for your input. I was never asking for a second FHA, just for a 5 or 10% conventional loan for a new primary residence, but the consensus has been, that it's unlikely.

So, if I understand correctly, you are saying a low money down conventional loan is the same as a FHA, when dealing with a bank?

I am in New York and bought my first home, a 3 family a year ago with an FHA. It's cash flowing nicely and it's what inspired me to want to do it again. I went to my RE Agent to discuss another multi-family purchase (which I intend to move into) and he informs me it's not possible. The bank will not allow me to use 'primary residence' as a reason for low money down because I already used it, and have a primary residence. Now , I am restricted to a 20% down conventional loan unless I find more creative ways to finance. I asked my first banker and he said 'yup true'. I'm still doubtful but I hesitate to go directly to another bank to ask, because I'm not believing anyone at this point since I hear this advice given all the time on the bigger pockets podcast! It CANT be true cant it??. looking for a general consensus I think.

I am in New York and bought my first home, a 3 family a year ago with an FHA. It's cash flowing nicely and it's what inspired me to want to do it again. I went to my RE Agent to discuss another multi-family purchase (which I intend to move into) and he informs me it's not possible. The bank will not allow me to use 'primary residence' as a reason for low money down because I already used it, and have a primary residence. Now , I am restricted to a 20% down conventional loan unless I find more creative ways to finance. I asked my first banker and he said 'yup true'. I'm still doubtful but I hesitate to go directly to another bank to ask, because I'm not believing anyone at this point since I hear this advice given all the time on the bigger pockets podcast! It CANT be true cant it??. looking for a general consensus I think.