Can I get FHA loan if I already have conventional loan?

[Charles Kac]

Hi,

I'd like to buy a property with a conventional loan and use BRRR strategy. My only concern is in a few months I'd also like to buy another property where I'd actually live and take FHA loan for that... would having a conventional loan make it impossible/harder to get FHA loan later on?

If so, would reverting this process and taking FHA loan first and then starting BRRRR strategy with conventional loan make things easier?

Best regards  

[Upen Patel]

Hey! @Charles Kac If you are going to be moving within the same area (e.g. Seattle metro) then you are better off going from FHA to Conventional. Keep in mind that you are required to live in a property for at least 12 months. Also, most lenders will not approve you if you are moving between similar properties. The new property has to be a step up (e.g. larger living area, better schools, closer to work, moving from a TH to SFH, etc.).

Good luck.