First FHA loan on 3rd property?

[Sarah Lyon]

Hello BP!

I have found some similar topics, but wanted to be sure it is possible under my circumstances. 

I have two properties currently. The first was inherited (I had to pay my brother out for the other half) and there is no mortgage on that and it is a rental property that generates a good income. The second is my primary residence that I purchased with a conventional loan and am currently house hacking in (my mortgage and escrow is paid off each month). I considered using the FHA loan in this case, but I live in Raleigh, NC and the buyers market is very competitive at the moment.

My intent is to use the FHA loan in a year or so's time when the market has taken its forecasted dip and I have lived my full year in my current home. However I want to ensure that I am in fact able to pull out my first FHA loan in such a case. Would this completely depend on the lender? Or because it's a government program would that not matter? I am also hoping to find a duplex to do this with.

Thanks for the help everyone and sorry if this is a repetitious topic.