FHA Loan Terms and House Hacks

[Kendra Morrison]

Hello, I'm new to this site and had a couple of specific questions about acquiring an FHA loan to finance my first multi-family investment property.

1.) I'm aware you can refinance your home loan after you gain 20% equity. I've been told you can refinance for a traditional loan and drop your MIP with the switch. Is this true and are there any stipulations or requirements I should know about to do this?

2.) If you refinance your FHA loan can you then get another FHA loan in the future for another property considering you would no longer have one? I know you can't have two FHA loans at a time.

3.) If you have a traditional loan can you also have an FHA loan at the same time or the combo of a USDA and a traditional loan?

4.) Is it difficult to get approved for a secondary loan once you have an existing one or is it too impactful on your debt to income ratio to get approved?

5.) With an FHA loan how long before you can use a service like Air B n B? I'm aware that you must live there for one year and have a period of time before you can do short term rentals. I've seen a minimum requirement of 30 day rental terms. Does that ever change?

6.) Why is it so difficult to get an FHA OTC loan that covers the construction of a new construction build, mortgage, and closing cost?

7.) Do you go through a mortgage broker to acquire an FHA loan or apply for pre-approval online and go through there own contracted banks?

8.) Can you purchase two sets of duplexes if there being sold together and are on the same parcel? If there is a lot division where the units are technically on two different lots but next to one another does that make a difference?

9.) I'm aware FHA only allows you to purchase up to 4 units which falls under a residential loan instead of commercial. I'm also aware that they will not give you excess money (for renovations) past the purchase price. Is it difficult to get a secondary loan to finance repairs?

10.) Are there restrictions on how long you must keep the property before you can sell it?

Thank you for any insight you have and advice on FHA Loans.