Trying to use an FHA Loan for the first time & being told I can't

[Brian Garlington]

I owner occupy a Duplex that I purchased using my VA Loan. I'd like to now use an FHA Loan to buy a Triplex. Based on what I am charging my tenant I am extremely confident that I will be able to get that same amount as rent from another tenant when I move out of that unit to owner occupy an FHA property.

Problem is a "well meaning friend" has told me that I can't count the potential rental income of the unit I will vacate unless the property I use the FHA loan for is at least 100 miles away! Is this true?

I can see if i already had an FHA Loan and I was trying to get another FHA loan on top of that where this restriction would come in, but I don't have an FHA Loan?

Can anyone verify this, perhaps with a link?....or have I been given some faulty information?

[Michael Cohen]

and typically "well meaning" is code for "God bless his heart, he's trying to help but he's wrong" - what you mean to say is "my friend who's a professional in the industry and well respected on these forums, but I don't like his answer and I'm hoping like Hell he's wrong, so I'm going to keep asking the general public until I find the one person who says what I want them to say, in order to confirm my hopes..."

:)