My mortgage broker says I cant use an FHA loan over and over...

[Cathy T.]

I was under the impression, after reading many, many, posts here on BP that I could buy a property with an FHA loan, fix it up, refinance into a conventional loan...and then buy another property with an FHA and do it again and again....your classic BRRR scenario.

But my mortgage broker told me today that the FHA program was developed in order to get home owners into homes...not to help investors make money. She said that I can refinance my first property into a conventional, and that I might get away with a second property purchased with an FHA, but that it is highly unlikely that I will be able to do it a third or fourth time down the road. In other words, that someone is monitoring the process and will notice what I am doing, and put a stop to it.

I am in New Hampshire, if that makes a difference. Could someone clarify this for me?

Thank you!