Mortgage Advice for more than 4 mortgages & FHA

[Bob Mastroianni]

So here's a scenario that I could use a little bit of advice with. My wife and I are currently looking at a duplex in South Jersey. If we were to make an offer, we would purchase the duplex as our primary residence, living in the larger unit & potentially renting out the 2nd unit (the famous House Hack). We currently have 4 mortgages (primary & 3 investment properties). Our plan would be to rent out our current primary home and then move into the duplex. Although we currently have 4 mortgages we do not have an FHA Loan. So my questions are these:

1) How much difficulty will we have obtaining a 4th mortgage?

2) What type of reserves or Debt-to-income will we need for the 4th mortgage?

3) Will we be able to obtain an FHA Loan, since it would be our 5th mortgage?

The reason I ask is because I hear so many people mention how difficult it is to get more than 4 mortgages through conventional financing. Any help would be great. Thanks!

[Upen Patel]

@Bob Mastroianni You should be able to get a 5th mortgage as FHA. If the new property is within 100 miles of your existing residence, then you will not be able to use rent from the existing residence to qualify for the FHA loan.