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Updated over 1 year ago on . Most recent reply
fha loan multifamily
Can i use an fha loan on a multifamily in NJ (2-4) and use it as house hacking even if i purchase my first home 5 years ago with an fha loan?
Most Popular Reply
You cannot have (2) FHA loans if they are multifamily unless they are 100 miles away from each other. be careful if someone tells you "Yes" that is not the correct answer FHA only allows you to buy another FHA MF home if its 100 miles away and it must also be closer to school or work. The only way you an buy another MF multifamily is if it will be your primay home. An underwriter is not going to approve you moving out of a single family home into a 2-4 unit.
You would have to refinance your current home into a conventional loan first then buy the next as an FHA home.