General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago on . Most recent reply
Does 5% Conventional loan disqualify me from FHA 3.5%
In February I purchased a property using 5% conventional lending, once my one year of owner occupancy is over will I be able to qualify for an FHA loan since I've never used one previously?
Any information helps, Thanks!
Most Popular Reply

@Account Closed, you're right. If you're occupying the property as your primary, it'll be fine. Note that the lending institution will conduct a spot check on the loan after it's well funded (i.e. months after) to confirm various data points from...were you employed at time of signing, primary occupancy through bills/statements and surprise showings to the property.
To your last comment, if you qualify for the loan, there's no issue. FHA cons are the upfront MIP which is 1.75% of the value and the monthly PMI. Beyond that, rates are always competitive, property must pass FHA appraisal inspection.