Second Home Possible Loan?

[Steve Q.]

Has anyone gotten a second Home Possible loan while still holding the first?

My goal was to acquire a portfolio of 4 to 5 small multis (3-4 units) over a few years. My strategy was to owner-occupy three of them for one year each, as required, while saving enough funds to put 20%-25% down on numbers four and maybe five if needed. I bought the first one with a state housing program for 5% down last year, and I'm about to buy and move into number two for 5% down with Home Possible. I'm getting the feeling from lenders that doing this a third time will be difficult. I'm trying to avoid using FHA since the up front MIP and permanent MI seem to negate the advantages gained by the house hack.

Refinancing out of the first two loans doesn't make strategic sense since that would give up the low interest rate obtained by owner occupying for a year.  I want to hold them for a long time with great rates.

I'm in the northeast, so the difference between 5% and 20% on a building that cash flows is considerable.

So, does anyone know if you can take on a second Home Possible loan? 

Any other ways I can use my ability to move each year as an advantage? (Not gonna airbnb rooms in a SFH residence.)

Thanks for any help!