FHA vs Conventional

[Account Closed]

I understand that you are only allowed to have one FHA mortgage open at a time, in order to prevent the use of FHA loans for investment properties. I also know that FHA loans are mainly meant for first time home buyers. My question then is, is it possible to buya property now with an FHA loan, and then a few years down the road, refinance that loan into a conventional loan (turning that property into an investment property), and then take out a new FHA loan on a new primary residence?

[Joel Owens]

FHA usually has a an "ownership affidavit" you sign where you tend to occupy the property.

People down the road refi out of things all the time. You would need to talk to a bank or mortgage broker when the time comes about your specific situation.

FHA carries high permanent insurance with it now. I assume you are trying to go FHA because of the low down payment of 3.5%. If that is the case you could look at owning investment property today by purchasing a 4 unit property and living in one of the units.

No legal advice.