I'm a newbie myself, (also military), and I just wanted to make sure you're taking advantage of the VA home loan if available.

Look at an online map, type 'bank' or 'credit union' and call whoever is in your area.

@Joshua Costa it’s not clear what your question is, but I’m assuming you’re asking if there’s a way to buy another property with FHA sooner, despite what your mortgage guy said.Since it’s a Federal program (FHA), the fact that it’s in R.I. doesn’t affect anything.I think you could/should ask the question of another mortgage person but I’d be prepared for the answer to be the same.I also always recommend building relationships with local banks and credit unions who hold onto their loans (portfolio lenders), like Pawtucket Credit Union, Navigant, Washington Trust, Coastway (now Harbor One) etc.Often down payment requirements are a little higher, but not always, and you get a lot more variation/flexibility because they set their own terms for the loans - they’re not reselling them on the secondary market so the loans don’t have to fit into a rigid box (be “conforming” in mortgage-speak).I think it’s worth exploring, especially to start building long term banking relationships which will help when you buy more properties, but you may still find FHA is the best deal - it’s hard to compete with the Federal government :)I did a little research and it seems you’re mortgage person might be right, but I still think you will learn a lot from checking with another source and especially meeting local lenders.

I would not buy with a traditional conventional mortgage - I have since found a credit union that will lend at a slightly higher interest rate with no closing costs.

Thanks Credit union?

Pentagon Federal Credit Union does HELOCs on investment property.

Huachuca military base there.

Commercial loan through a local credit union.

Keep calling banks and local credit unions until you get someone who say's "yes".

Conventional 30 year @ 3.625% with 20% down to avoid PMI through local credit union.