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Updated almost 4 years ago,
Would a seller finance disqualify me from the FHA loan?
Hello! I am new to the forums, but I've been listening to the podcasts for over a year now.
My question is, let's say I'm able to obtain a sellers financing on my first property. Would this disqualify me from the FHA 3.5% loan, even if I didn't apply for a bank loan at all? Also, if it does not, how many seller financing deals can I do before I'm no longer eligible for the FHA loan.
I'm not sure if I completely missed this point during an episode, or if they've ever brought it up. Maybe they have, and I just cannot remember, either way; I'd like to know the answer. I've never bought a property, and I'm looking into *COMPLETELY* skipping single family as a first property, with the goal of house hacking a duplex or a (triplex preferably). I strongly believe, that this will allow me to grow my rental portfolio quicker, while simultaneously giving me more landlord experience.
Thank you for your help, I really appreciate it!