Currently have owner occupied laon

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Ive heard so many different things from so many different lenders and would love some clarity on my situation. So I bought a duplex two years ago with FHA owner occupied loan. I just refinanced out to a conventional owner occupied loan and with my renovations was able to get the 20% equity in the property...so Im not using FHA loan anymore. I still live in that duplex. Can I use the FHA loan again to finance another multifamily that I would occupy? I know to use FHA again I have to wait atleast a year and have to occupy the property. Their shouldn't be any issues because I plan on moving into another duplex? And I only will have one FHA loan in my name. I was told it had to be single family and heard from others its a one and done... now I feel like im spinning in circles with all types of info. Please help

Originally posted by @Tim Zmuda :

Ive heard so many different things from so many different lenders and would love some clarity on my situation. So I bought a duplex two years ago with FHA owner occupied loan. I just refinanced out to a conventional owner occupied loan and with my renovations was able to get the 20% equity in the property...so Im not using FHA loan anymore. I still live in that duplex. Can I use the FHA loan again to finance another multifamily that I would occupy? I know to use FHA again I have to wait atleast a year and have to occupy the property. Their shouldn't be any issues because I plan on moving into another duplex? And I only will have one FHA loan in my name. I was told it had to be single family and heard from others its a one and done... now I feel like im spinning in circles with all types of info. Please help

Hey Tim

To answer your questions:

  • It's not one and done.  
  • As you know, you can get another FHA loan if it's owner occupied.
  • You can get another duplex

You may have to explain to the underwriter why you're moving into a different duplex (could be it's larger, in a better part of town, to be closer to family, closer to job, whatever).  You would have a hard time going from a single family to a duplex, but going duplex to duplex or even a quad shouldn't be a problem, especially since the other loan has been refinanced.

Stephanie