FHA Assumption Purchase Contract

[Bret Halsey]

Looking to purchase a property by assuming the current FHA loan, and securing a second mortgage, ideally up to 95% LTV since it'll be an owner occ. I found this property off market and will not be using a realtor. With regards to the purchase contract, I'm guessing I'll put assumption down as the method of purchase and include a note about seeking a second mortgage as well. I'm considering having a financing contingency for 95% LTV on the second, as well as an inspection contingency for certain items that come up on the walkthrough. Other than that, will I need to have an appraisal contingency if I'm assuming that FHA loan? I'm guessing the lender on the second might want one, but I'm thinking the current FHA loan servicer may just want to qualify me, which I should have no problem with.

Finally, will this assumption count as my 1 FHA eligible loan? Or could I go and in a year purchase another 4fam with another FHA loan without having to refi?