Funding my 2nd MF property??? Currently own triplex with FHA.

[Samuel J Claeson]

Hello BP,

My wife and I purchased a MF property using an FHA loan (owner occupy/3.5% down) back in November 2017. We want to buy and owner occupy a second MF property this November. What type of loan/strategy would be recommended to purchase our next property?

Our realtor explained to us that we could use FHA on our 2nd home and then use a conventional with 5% down on our third....? However, after researching, and chatting with others, this does not seem like a feasible route....

We would also like to buy a 3rd MF property in November of 2019. 

Any info or advice would be greatly appreciated!

Thanks!

-Sam

[Kim Burke]

HI Sam! The 5% down option is only for a first time homebuyer - if you or your wife were not on the original FHA purchase, you may have the ability to take advantage of it. Your next bet would be a 15% down conventional.