Can I go FHA?

[Cynthia Carrier]

Hello, in October 2023, I converted my single family home to a rental. Now, in 2024, I'm looking to purchase a new primary residence not that far away. The rental is conventional. Can I go FHA on the new primary residence? in Texas

[Jason Wray]

Yes, You can now go conventional and congratulation on doing it the right way! I see so many buyers use FHA then move out without converting the loan to conventional. Having (2) FHA loans is a possible but it comes with certain restriction.

Luckily, you have a Conv loan so your good to go for the next property.

Just be careful which lender or bank you choose some lenders have overlays and may have an issue with the type of property you are buying or the distance.