First time investor. Is it possible to get a FHA203k loan twice

[Elizabette Molina]

Hi Everyone

I'm a newbie looking to get started on my first flip/house hack. Does anyone know as a first time buyer if I'd be eligible for a 203kFHA loan for the flip and a regular FHA for the home i plan to live in/ house hack ?

[Jennifer Serviss]

@Elizabette Molina

Hi Elizabeth,

From my understanding, you can only have one FHA loan at a time. Additionally, 203k loan requires the property to be owner occupied so after the renovations are completed you are expected to actually live in the property so to your question on if you can have both, I would say not at the same time. After you sell the 203k property, you should be able to get another FHA loan for house hacking. Keep in mind that 203k loans and FHA loans in general are for owner occupied properties and are not designed for investors. There may be disclosures involved where they may ask your intention for the property at closing (stating you plan to live there). This is not to say you cannot use these programs for investing just be aware of technicalities.

Hope this helps!