Did I miss the opportunity to use FHA financing?

[Mike Hottinga]

Hello BP community,

Question: Did I screw myself and lose the opportunity to use an FHA loan with say 5% down?

Back story:

I bought my first SFR as a primary resident with 20% down on a conventional loan. I would like to buy a 3 or 4 plex as my next property, rather than another SFR or duplex, but saving 20% again will take me 8+ years. I am currently renting a room in my house and I would finance the next property as a primary residence and house hack for a year. I think a cash out refi is out of the question as I do not think I could rent my house for what the mortgage would be if I did that. (Prices here are extremely high compared to rents). I do not think I have enough equity for a HELOC either. House appraised for $270K, I bought for $260K so $52K down. I realize what FHA stands for, but the only restriction I see listed on FHA.com is that you can only have one FHA loan at a time. Nothing in the rules, that I read, stated that your first FHA loan had to be your first actual loan.

Thanks BP