Will I qualify for FHA?

[Jesse Holshouser]

I have a traditional loan on my current home. I want to use an fha to get a triplex and live in one unit while keeping my home as a rental property. Will I be able to obtain an fha loan while having a traditional loan on my house?

[Jeff Brower]

Technically, yes. They will question why you are 'downgrading' by moving into a multi when you own your own home.

BUT you must qualify by the numbers. Meaning DTI ratios, credit score, etc must all be in line. If you do not have any landlording history, most big banks require that you qualify on the DTI without using the projected rental income. Meaning the mortgages on both properties will be counted against your ratio.