Can I use FHA if I already have a conventional loan?

Question

Hi, can any loan brokers help me with this question?

I already own a triplex financed with the conventional Home possible loan program.

My question is, can I use FHA to buy a second multi family property and what are the limitations to doing that ?

Thank you!

Charlie Beneke · Answer

@Nate Bibbo Yes! Get with your lender to clarify the exact terms but as long as you qualify via the debt to income ratio you can get an FHA loan. You would also need to move into the property usually 60 days or less after the closing.

Can I use FHA if I already have a conventional loan?

1 Reply