FHA loan, currently on deed of a SFH

[Rachel L.]

Hi BP community -

I am a beginner to real estate investing and my goal is to buy a multi-family (maybe 3 or 4 units) by the end of the year. My aim is to buy it via FHA loan and will probably be my first investment property.

My parents deeded the single family house that my family currently owns to my brother and I. My parents and I still live in the house and when I am able to buy/invest in something, I will move out and my parents will still live in the current home (I am not likely to sell the house unless my parents are willing to move out).

From my current understanding, FHA loan is, in general, for those looking to buy and live/own their own house. Since there is already a house in my name, am I able to still get a FHA loan? If I can get one, are there any "penalties" for currently having something in my name?

Any help clearing up this point would be much appreciated!