Lending: Owner Occupied Loan Question

[Justin Vincent]

I currently have an FHA OO loan on a duplex. My equity position is 4% of the original appraised value. I have forced some equity into the home, but not enough to be at a 20% equity position.

Additionally, I have not lived there a full year.

My question is whether or not it is possible to secure a 5% conventional OO loan on another property prior to the 1 year mark for property #1? Another BP community member commented that you can have as many as 10 OO loans, but what about prior to the 1 year mark?

I'm confident I can qualify for the 5% down OO loan on properties I've been looking at. Will lenders require proof that I'm moving out? Will my current lender object to my moving out or require some statement of intent from me?

thanks,
JV