All Forum Posts by: Jordan McDonald

James Marshall thanks so much for that suggestion. We've never bought a home before so we're trying to get as much information as possible

@Scott Carr thanks for your response. See my above additional question. I forgot to mention you before

Thanks Andrew for your response. I don't think I would be able to qualify for that second FHA, as we would be living in a small college town where none of the commutes would be close to an hour and I don't foresee our family growing much in the near future (we had twins last year). We do have really good credit though, 730 -750. Would we be able to get a conventional loan with a similar amount of money down (3.5% down) with the same scenario as my original post and not have to worry about FHA?

Thank you for the response Scott. How much cash/ what type of improvements does it usually take to get forced appreciation up $40,000? Also, how much of a raise in interest rate are we talking about coming off of a FHA loan?

Hi everyone, my wife and I are looking to buy a quad/triplex and live in one of the units to qualify for the FHA loan. Our plan was to live there for a year, move out and buy a personal residence using another FHA loan. It is my understanding that you can only have one FHA loan at a time. Is that correct? If it is correct, I'm assuming we would need to refinance our first property (the quadplex). If we do would we have to put at least 20% equity into it? Not sure if we would have enough cash to make that work. Is there a more creative way to make this happen? Thank you to all for your advice 👍🏼