First post! FHA after buying a sfh cash?

[Desiree Steele]

First time home buyer (and poster!) here from Northern Kentucky. We are in the process of buying our first single family for cash. I've just now learned of the glorious idea that is "house hacking" and I'm rethinking my game plan.

The game plan would be to rent out the sfh and live in a unit of the multi, in order to qualify for the first time home buyers. Just curious if this is possible.

My question is, if we've purchased a home cash and want to buy a multi in a year, can we take out an FHA first time home buyer loan, even though we already own a property?