How to split loans on 2-property deal, one FHA one Conventional

[Scott Ellis]

I'm looking at a deal that is two duplexes on adjoining lots.  Asking price is $315K for both.

My lender says this would need to be two separate loans as they're separate parcels.

I'm looking at doing one FHA and one conventional.

My question is if there are best practices for how to split the mortgages? Could I do the FHA for, say, $200K; and the conventional at $115K? Putting more into the FHA would mean a lower total down payment.

Also, my lender said he needed to look into it, but wasn't sure you could do FHA if you also own another property within a certain mile range. Anyone know of any restrictions here?

Thanks a lot for any input.