Getting an FHA while having a conventional loan

[Jacob Gallup]

Hey everyone. May be an easy answer, but I’m not sure. I currently have a conventional loan on my home and am wondering if I can use an FHA loan to buy a duplex so long as I move out of my current home and into the duplex. That way I would make the duplex my primary residency and I can turn around and rent my single family home out. Thank you! -Jacob

[Upen Patel]

Originally posted by @Christopher Phillips:

@Jacob Gallup

Not impossible, but usually you must not have owned a property in the last 3 years to be considered for an FHA loan. If you're moving more than 50 miles for a job you can get an exemption.

Hi! Christopher... They certainly can buy another house using FHA. There is NO 3 yr no home ownership requirement. As @Chris Mason stated, the rental income from the departing residence can't be used to qualify them.