Can I qualify for an FHA Loan while I already have a Conventional Loan?

[Ryan VanPatten]

Hey all,

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?

Thanks