Purchasing first property through FHA, how to get 2nd property?

[Daniel Alexander]

I plan on purchasing my first property around May 2016. Going to use FHA loan to fund potential duplexes. I'm familiar with the basics of FHA loans in regards to investments properties, but wanted to know how easy or difficult it would be to fund a 2nd property in the same year or the next following year.

I'm trying to come up with a 5 year plan on purchasing properties through any possible vehicles (loans, investors, etc).   Have a good credit, about 12% debt using the 28% gross rule, and an annual salary of around 75K.  (i also just became a license real estate sale agent"inactive license")

Any recommendation or advice on a process that would be good to transition for purchasing a second property would be great!

[Jerry Padilla]

@Daniel Alexander

FHA is for a primary only. Yes, up to 4 units, only under extenuating circumstances can you get a second FHA loan.

The only circumstances in which a borrower with an existing FHA insured loan for a principal residence may obtain another FHA insured mortgage on a new principal residence.

Relocation -A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is:

Relocating or has relocated for an employment related reason, and

Establishing or has established a new principal residence in an area more than 100 miles from the borrower’s current primary residence.

If the borrower moves back to the original area, the borrower is not required to live in the original house and may obtain a new FHA-insured mortgage on a new principal residence. As long as the relocation meets the two requirements above.

Increase in Family Size - A borrower may be eligible for another house with an FHA-insured mortgage if the borrower provides satisfactory evidence that

The has had in increase in legal dependents and the property now fails to meet the family’s needs; and

The loan-to-value (LTV) ratio on the current principal residence is equal to or less than 75% or is paid down to that amount, determined by comparing the outstanding mortgage balance to a current residential appraisal.

Vacating a jointly-owned Property - A borrower may be eligible for another FHA-insured mortgage if the borrower is vacating (with no intent to return such as divorce, legal separation, etc...) the principal residence which will remain occupied by the existing co-borrower.

Non-occupying Co-borrower - A non-occupying co-borrower on an existing FHA-insured mortgage may qualify for an FHA-insured mortgage on a new property to be their own primary residence.

Please see my other post for more information on obtaining an FHA Mortgage.