What are my financing options?

[Kenzie McIlvoy]

Hello! My husband and I are living in a single family that was bought with an FHA loan. It was purchased in my name only prior to marrying my husband. We are looking at buying a duplex as a live in flip and hold while renting out our current SF.

If we were to use another loan for our second property, we're having trouble understanding what our options are. We understand that we can only have one FHA loan but we're not sure if he can get a FHA with his name only (one for each of us) or if we're only allowed one between the two of us. We've also considered refinancing our current house to a conventional loan, especially because our interest rate is 4.75%.

If he doesn’t get a loan in his name only, our biggest question is if/how it’s possible to get approved for two loans from the bank. I’ve tried asking around and doing research but I don’t understand the process of finding the deal and getting another loan from the bank. We’ve heard several people on the podcast say things like “we got a second loan” but can’t find exactly what the process was for that. If anyone is knowledgeable on this topic we would greatly appreciate some explanation.