FHA possible with 2 mortgages?

[Steven Pan]

Hey guys,

An opportunity to purchase a four-plex just came up and I'm pretty sure I can't make the 20% down payment. I currently have 2 conventional mortgages on a SFR and a Triplex in Texas.

The property is in New Jersey, I have enough for 5~7% of the down payment. I don't mind the idea of house hacking there for a while if it means I can qualify for FHA. Would it be possible to secure an FHA loan or is that out of the question and I just have to find another way?

[Wayne Brooks]

@Steven Pan Yes.  It doesn’t matter how many other mtgs you have, you can get an fha loan as long as 1)you will occupy for at least a year 2) you don’t already have an fha loan (with a few exceptions 3) you can qualify and the property meets the self sufficiency rule.