FHA one step close loan

[James Pegues]

Hey everyone!!! I bought a SFH at the end of 2020 and the value has gone up quite a bit since then. My plan was to fix it up and then rent it out but then I heard about the FHA 1 step close loan product where the cost of construction and land could be rolled into one loan and I would only have to qualify 1 time. I think I could sell my house in a few months and have the money to put down 3.5% on a new 4-plex but was wondering if anyone has had any experience with this? I know you could only have 1 FHA at a time so that sounds like it would be a lot better return than the SFH I have right now. On the other hand, with as many offers as I get from people trying to buy my house, would my area be considered more valuable or growing? If so, should I keep this house, fix it up, and rent it out? I'm in Arlington TX.