Can I get an FHA Loan if I already have a conventional loan?

[Brian Garlington]

I have a conventional loan right now on a duplex in Oakland, CA and would like to get an FHA Loan. I absolutely would move into the FHA Loan property; probably another duplex, and use it as my primary residence.

The problem is about a year ago, I asked around to a couple of lenders and was told I could NOT get an FHA loan for two reasons.

1. If I already had a conventional loan, the FHA would not let me obtain one of their loans if the FHA property was literally going to be within 100 miles of the property where my conventional loan is.

2. My DTI wasn't all that hot last year.

3. It was mentioned I should get at least 2 years of "landlording experience" before trying again. That 2 years will come in about 3 months.  

I actually own 2 properties here in the Bay Area that are cashflowing and have been since September of 2016. In the last several months I have also acquired 3 properties in Ohio that all cashflow nicely above the 3 percent rule. Also, upon moving in to the FHA Duplex, I would like to count the rental income (75 percent of it actually) from BOTH units of my current duplex (I will rent out the unit I'm living in now) and rent out the other side of the FHA loaned Duplex, as well as counting the rental income from the other properties I own.

Does anyone know if this is possible? If so, please let me know.

Thanks, Brian.