Qualifying for an FHA loan

[Erica Ho]

Hello,

I am a first time home buyer and was thinking of buying an out of state rental property first. The second home I would buy would be my primary residence in a much more expensive area like NYC where I would be house hacking. Would I still qualify for a FHA loan on that primary residence since it's technically my second property? Trying to see what is the best approach to get favorable first time home owner benefits.

[Matthew Wolk]

Quote from @Kenny Smith:

@Erica Ho

Another thing to note is you can only have 1 FHA loan at any one time. If you buy this next one with an FHA loan, just know you'll need to re-fi out of that one before you can take out another one.

Best of luck!

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