FHA 203b House Hacking Qualification with Existing Mortgage on Another Property

[Deron Jewett]

I am the remainderman on a Florida "Ladybird Deed" (Enhanced Life Estate) on my parents home. I do not currently own a home. The mortgage is assumable upon their demise (and at a rate lower than those currently being offered). Assuming I could qualify financially (primary income plus FHA allowed rental income contribution from additional leased units), when I become the owner of the property, would that prevent me from using a FHA 203b to house hack a second property? Rent the parents former home and house hack a new property under 203b and live in a unit to fulfill the obligations of FHA 203b.

If it would preclude me from doing so, would changing the current Ladybird Deed to some form of trust (revocable living trust?) change the qualification status and allow this strategy? In that I would not own the home in my name (the trust would) under those assumptions.

Is this even a reasonable strategy to jump start a real estate investment portfolio, any alternative ideas are welcome.

I hope I have stated this with enough clarity, Please let me know if additional information is required to answer the question. I am confident there are many parts to this I do not yet comprehend. Thank you.

DJ

[Ryan Thomson]

@Deron Jewett you can use one FHA loan in every 100 mile radius. So as long as the current home isn't and FHA loan or the next home you buy is further than 100miles away you will be able to get an FHA loan for your next house hack!