Lenders - How Realistic Is This Plan?

[Ryan Canfield]

Hello BP,

I've lived in an owner occupied 2 flat with an FHA loan since May 2016. I'm hoping to refinance into at a minimum 95% LTV conventional loan in the next month or so. Say I'm able to complete the refinance, I would then like to immediately apply for a pre-approval with the intention of buying another property as an owner occupant via FHA financing as my family size will be increasing in 6 weeks and I will need more square footage in my living space.

Is this something I could do?  What challenges could/would I face?