Qualifying for FHA loan if you already own a property free amd clear.

[Bidkar Salazar]

Good afternoon everyone. I'm trying to get all my questions out of the way before I pursue my 1st rental. Could anyone help me by answering this question. Can I qualify for an FHA loan on a second property when I already own a property free and clear?

[Wayne Brooks]

@Bidkar Salazar FHA loans are simply for an Owner Occupied 1-4 unit residential property…they are Not for first time homeowners which is a common misconception. It doesn't matter how many properties you own, or how many mortgages you have already, as long as none of them are an fha loan. You must occupy the property as your primary residence for at least one year though. This works on up to a 4 plex as long as you occupy one unit. Just sit down with a decent lender.