How many FHA loans can one person have?

[Cynthia Nina-Soto]

Hello guys I have a question for all of you seasoned grizzled veterans. On many of the podcasts I've heard that you can have multiple FHA loans open at the same time. However, every lender I speak with says that's not possible. Which is it? Can one person have multiple FHA loans open at the same time? If yes what are some of the requirements or conditions surrounding it? Who do you know in MA that would be able to help me structure some of these loans and/or have a cup of coffee with me so I could pick their brain a little. Thanks in advance, Cynthia

[James Orr]

There are some unusual exceptions to the one FHA loan at a time. For example, I believe you can get another FHA loan if you move more than 100 miles or if you inherit a property with an FHA loan, but these are rare exceptions and probably not practical for implementing a house hack or the Nomad model.

FHA is good if you're doing duplexes, triplexes or fourplexes, but if it is a your first property and it is a single family home, there are 1% down conventional loans that you can use to owner occupy, live there for a year then convert to a rental. For subsequent owner occupant purchases, we typically model it with 5% for each of those.