FHA LOAN FOR MULTI-FAM in TEXAS

[Timothy Paul R.]

So I was in a Bank of America today getting a new debit card. I was talking with the Banker and I told him I want to start investing in Real Estate next year.

He brought in the branch Mortgage Broker to introduce himself. I thought that's cool, I should start meeting some people in the business. He asked what kind of investing I was interested in and I told him ‘buy and hold rental properties ‘. I told him I was goi g to start by buying a multi-family and rent out the other units. He told me that I would not get approved for an FHA Loan if I was going to rent out the other units, because they would see it as an investment property. All the research I've done has always shown that lots of people get FHA loans on their first property if they are living there, even if it's multi family. I currently live in Bee Cave, right outside of Austin, Tx. Can anyone shed some light on this for me?