In 2012, I purchased a townhome with a 30 year, fixed, conventional loan with only 5% down. My question is; Is it possible to recieve a FHA Loan while already having this conventional loan? If so, can I use rental income I receive from roommates (and I claim on taxes) from this property as income to qualify for an FHA?
@Ryan VanPatten you will have to owner occupy for FHA but even with that I have recently run into a few issues with lending. Lenders in my area are tightening up with FHA loans, at the moment, it is tough to get past under writing unless you own no property or are putting 20% down. Before last week I was under the impression I could move from my current residence to a new property and use FHA financing as long as I was proving the new residence was being done to upgrade my lifestyle or in a location the is more beneficial to my needs (moving closer to work). Under writing was allowing for this to go down and allowing for multi FHA loans, but as of now they tightened up. Best bet is; talk to a few lenders see what they can do for you.
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