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Updated over 2 years ago on . Most recent reply

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6
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0
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Finn Bernard
  • Investor
  • Dunstable, MA
0
Votes |
6
Posts

Multiple 3.5% Down FHA Loans

Finn Bernard
  • Investor
  • Dunstable, MA
Posted

Hello,

I'm currently building my education in real estate and have a growing interest in long term buy and hold rental properties. I wanted to know if it's possible to take advantage of using multiple 3.5% down FHA Loans at the same time. General research online isn't giving me a clear cut answer so I'm turning to the BP fam.

I'm very interested in starting out house hacking in duplexes, using an FHA loan. After living in the property for a year, I'd find another duplex to move into, acquiring a new FHA loan and renting out the second side of the duplex I had just been living in, thus acquiring one new property per year.

Anyone with any experience or any tips/flaws in my current plan, please reach out!! I’d love to hear from you.

Thank you.

Most Popular Reply

Account Closed
10
Votes |
15
Posts
Account Closed
Replied

No, you can only have 1 FHA as far as I know. You can refinance the first FHA into a conventional then use another FHA to buy the second, then rinse and repeat. FHA's aren't ideal, typically you carry MI through the life of the loan if you put less than 20% down. Conventional is the way to go in my experience.

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