Can I apply for 2 mortgages at the same time?

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I have one commercial loan that I am refinancing and just go pre approved by Quicken loans for home mortgage.  I got qualified for 195k for an fha, 3.5 percent first time home buyer.  

The commercial refi is more important to me, but i would like to purchase a home for my family instead of renting.  Should I wait until I am done with the refi, or can I do it at the same time.

Thanks in advance guys