FHA loan and construction loans
My fiancé and I are looking to purchase our first home using an FHA loan. Since you're only allowed one FHA loan and it's the most affordable option you'll ever get, we of course want to make the smartest decision we can (investment wise). We found a side by side duplex right in down town that we'd be comfortable living in for a year (FHA rules for investment properties) and the property even comes with a 7,500 sq ft lot right next to it that is zoned residential. So the renters on the other side will be paying our mortgage and we even get extra land- just an all around pretty good deal. I work in construction and know how to build from the ground up, so building a house is always something I'm looking to do and take on. So my question is: if I purchase this property using an FHA loan, am I able to (later on) use the 7,500 sq ft lot as a down payment for a small construction loan to build on it? This may sound like a crazy question, but it doesn't hurt to ask and learn. I'm new to this loan and investment stuff. Thanks for reading and I look forward to your responses to my first post!