Please advise all my smart Georgia mortgage lenders

[Jamaal Rogers]

Hello BP,

I purchased a duplex using an FHA loan. I would like to refinance this loan and convert it to a conventional one. Once this loan has been made conventional am I allowed to buy another house using an FHA loan. I own three houses at this time.

[Stephanie Medellin]

@Jamaal Rogers

FHA loans are for owner occupants only, so there would have to be a strong reason for you to move from where you're living now to the new home. An underwriter generally wants to see that you're moving closer to work or upgrading your standard of living by moving to a nicer/larger home, or moving from a duplex into a single family home. If you're moving to a smaller house or further away from work, it just doesn't make as much sense from an underwriting perspective, and they may not believe that you're actually going to move into the home.