Buying a house after FHA duplex house hack

[Kailia Alexander]

So I received advice that I'm realizing might be wrong now. My bf and I bought our first duplex doing owner occupied with and FHA loan. I was told that with our next property we would be able to get that 3.5% rate one more time. My bf wants a house next and we compromised on that before doing anymore investment properties/duplex. I realize now we can't have two FHA at a time. Most housing in my area is around $400,000 (Wa state) a conventional loan is pretty hefty at 20% down. What are my other options? I was starting to look into USDA loans. Any advice greatly appreciated!

[Grant Schroeder]

Thank you for posting @Kailia Alexander! Are both of you on the FHA loan? Many times we structure FHA loans in one persons name for the first purchase and then do the second one in the other persons name to maximize FHA loans.

If you are both on the FHA loan, you can still put as little as 5% down on a single family residence with a conventional loan! No need for 20% for a conventional loan, that is a common myth.