FHA/VA/USDA Loans

[Chris Friberg]

My fiancé and I recently purchased a Tri-Plex in my name only with an FHA loan. Our goal is to purchase our next property with my VA, then a property with an FHA in her name. A couple questions:

1. Will banks continue to lend with multiple government backed loans? (VA/FHA)

2.  Is USDA loan an option if i meet their income requirement?

Thanks for the info.

[Albert Bui]

FHA only allows one loan outstanding at a time unless you fall under one of the exceptions:

1)larger family or out grown your home - document of birth certificate/or hospital document of a larger family and you need more space

2) you were a non occupant cosignor on another borrowers FHA loan and you're trying to get your own FHA loan now

3) Divorce or separation and you need to get an FHA loan for yourself but your current home has a FHA loan

4) Relocation of your employment or job by your company - document employer letter to state terms and agreement of your relocation, employment contract, and relocation package

For VA you can have multiple but most like not with 0% down because a Veteran can only have so much entitlement left and if you used it all for your first home you may have to put some down payment down on the second. If you're not married "yet - fiance," and you're both veteran's then I would get your hustle on and buy two primary homes while it makes sense because once you're married you cant have two primary's the underwriter on the loan will call BS.

Both FHA/VA can be used to purchase 1-4 unit residential buildings.