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Updated about 6 years ago,
Is it hard to rent SFR Primary and get a FHA on a multi?
Hey guys. I am trying to figure out what is the next best step to scale my real estate profolio. I started buying properties last July and now have 3. Unfortunately I didn't really think of it as a business until recently once I started listening to all of the BP Podcasts.
My wife and I currently live in house #2. I completely rebuilt the house and it appraised at 400k when we did our cash our refi. Its a 1600 sq ft house that is as close to new construction as you can get now. All mechanical, insulation, drywall etc are brand new. Due to its location I feel it would be a great rental.
Our plan was to rent it and buy a duplex with a FHA 3.5% Mortgage. I spoke to a mortgage broker and he told me it will be very difficult to get a FHA mortgage on a 2 family when I am currently living in a SFR. He says it will draw red flags or something. This was news to me. Is this the truth?
I am trying to put together all the facts and info so I can determine which is the right course of action.
Any advice would be appreciated.