Use pre-qualified FHA Loan vs wait for Conventional Loan

[Tamara Batsell]

Hey BP....need advice from some you you seasoned professionals. I've been pre-qualified for a FHA loan but have not found a home. I'm qualified for 115k but I'm being kinda picky and unsure. I want to make a smart decision out the gate. In the meantime I'm working on increasing my credit score so I can qualify for a conventional.

Should I wait to qualify for the conventional loan where I will have more options as a investor or should I take advantage now of the FHA? I know with the FHA I will have to occupy for at least a year and at 115k I'm not finding alot of homes/duplex/condo's that I like. Maybe I need to get out my feelings and look at this from another perspective. By the way I live in Dallas, TX. I've done alot of reading on FHA, HUD homes and even the reno program wiith FHA (203K). Still seeking advice from this great community.

Thanks in advance,

Tamara