FHA Loan tips and tricks

[Meredith Von Kleydorff]

Hey Everyone - I wanted to start a thread with information like tips and tricks for using FHA loans. I recently learned some valuable information about these loans and would like to know more specifically about FHA 203ks too. A common misconception is that many people think you can only use an FHA loan once for your first home purchase to put 3-5% down. You can actually use it as many times as you want as long as it fits certain criteria. You can get another one for a primary residence for reasons like relocating, growing family, divorce, if you co-signed for someone and now want your own. I believe you can even have 2 at once if its in 2 different states that qualify. The main caveat is that they are not meant to be used for investment property purchases.

Is there any way to navigate this like if it's a single family house owner occupied with 'roommates'? What if there is a ADU can that be used for rent?

Please correct me if any of this is wrong and drop your FHA knowledge below! Thanks in advance.