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Updated over 6 years ago,
FHA available for first time home buyers only?
Hi all,
I'm looking to purchase my very first property and i'd like it to be a multi-family where I can move in while rent the other unit(s). However, I live in an expensive market (NYC) and so will likely have to be limited to buying an investment property out of state so that it can cash flow. My question is the following, if I buy an investment property (while continuing to rent where I live), does that prevent me from qualifying for an FHA loan later on when looking to own my primary residence? Meaning, is an FHA loan only available for first time home buyers?
Thanks!