Co-borrowing with a Conventional Loan Already

[Jimmy Rodriquez]

Hello everyone! Context: I am co-borrowing with my brother. We bought a duplex in Reading, PA, with the intention to house hack it. We got this house through a conventional loan because my brother already owns his own duplex and house hacks it, too. My brother will be the primary occupant of the second duplex. I live in NYC. Now, I would like to buy my own single-family home, move to PA and start house hacking as well. Question: Do I qualify for an FHA loan even though I already co-own with my brother under a conventional loan? Your knowledge and wisdom will be greatly appreciated :-) Jimmy

[Jimmy Rodriquez]

Quote from @Nolan Chandler:

Hello again, @Jimmy Rodriquez! If I understand your question, there is no requirement that it has to be for an entire family or renting out per room.  For practicality, that may be a different story with pros and cons to doing it either way.  Most lenders just need the intent to owner-occupy, and then after a year you feel that that is the right time to move on, you should be able to rent it out by the room or for the property as a whole.

Let me know if I missed the point of the question, and if so, I will revise if I have relevant insight :)

___________
REALTOR® CalDRE: 02221003 | CA Bar: 322013

 Hi Nolan!

Yes! You nailed it :-) So I have both options!! Thanks so much for your time and accuracy. Eternally grateful!

Jimmy