Updated almost 9 years ago on . Most recent reply
FHA loan in the same year as a conventional mortgage?
I cannot seem to find my answer online and I want to have some knowledge on the issue before i reach out to a mortgage loan officer. Two months ago I purchased my first duplex (house hack!) and I received a conventional mortgage through my local bank. In the next 4-6 months I would love to purchase another home using an FHA loan and move into the new home. Will I be able to get an FHA mortgage? Is there any waiting period required for getting an FHA mortgage after you get a conventional mortgage? Any other potential issues you see here?
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Spencer Glaser if you want to buy a new home as an FHA purchase, and you currently have another mortgage (vacating primary property) that is a conv loan or fha loan (doesn’t matter which kind) and on that property you want to use rental income, the guideline for FHA states that then in order to use that rental income on that vacating current primary the new home must be located over 100 miles away.