Financing My Second Property

[Tim Crosby]

So it's been almost a year since I bought my first property. I've been counting the days in anticipation of this event and I'm ready to start looking at a second property, or so I thought before talking to my broker..

Originally, the plan was to finance tree first duplex with an FHA loan, live in one side for a year and then look for another duplex afterwards, finance that with a similar loan, live there for one year, rinse and repeat, etc.

I knew that I'd eventually have to find another way to finance these deals, but I didn't think it would be before buying my second property!

According to my current broker 1) you can NOT have more than 1 FHA loan at a time. 2) Being that this is the second property for me, the terms wouldn't be that much different from a conventional loan anyways. 3) Being that a conventional loan is my best option and I do plan to live in the new home, if I want another duplex I would need 15% down, but if I want a single-family home, I only need 5%.

Maybe this person is 100% correct and this is the best option for me. Maybe they just don't have access to better deals. Maybe they're inexperienced in this area of financing and just don't know. I certainly don't know.

What do you think? Is this information accurate? Is there something else I should be asking? Any advice is appreciated!