Investment property timing

[Joel G.]

Hello All,

I'm new to investing and am hoping you all might be able to provide some insight. This question relates to the timing of purchasing a primary residence and investment property.

I've been thinking of buying a multi unit as a primary residence using a conventional FHA loan (with 3% down) and live in that until I can save enough cash to buy an investment property. However, I have come across an opportunity to buy an investment property out of town that I can't refuse.

I'm wondering if I were to first buy an investment property (assuming 20-25% down), would I be able to later buy a primary residence using an FHA conventional loan and only pay 3%? Or would I be forced to pay 20% for my primary residence since I would already have an investment property under my name?

Thanks in advance for the help!