FHA question about eligibility

[Aaron Fakerson]

I am a new investor. I don't currently own a home in my name, and I am hoping to do a FHA loan for a fourplex down the line. Long story but I am building my credit to be able to get a loan (starting with no credit score and haven't had a loan or credit card in 20 years). I started the credit build process of getting secured credit, but while I wait a deal has possibly come my way.

There is a duplex that I can buy all cash and it is a HUD home. If it goes to investor bidding it will get scooped up quickly and for more than asking most likely. If I bid on it as owner resident I can buy it all cash move in and wait a year for credit to build to buy FHA fourplex and move there. The only question I have is if I don't have an FHA loan but own a home will I be disqualified from purchasing FHA later ?

[Greg H.]

You can own as many homes as you want to and get an FHA loan. Additionally,there are many instances where you can have several FHA loans at one time. Some of the scenarios are moving to a different city, changes in family size along with some others