FHA on a home but have rental property

[Phil K.]

Hello,

I've been doing some research but I'd figure I'd post and ask as well.

If I were to have some properties that say I BRRR'd and had under conventional loans, but were not owner occupying any of these would I still be able to qualify for an FHA loan? I wasn't sure if it would be possible if you have other conventional mortgages that you don't occupy.

Thanks!

[Sasha Mohammed]

you can get an FHA loan only on the property you occupy. whether or not you have other conventional loans on other properties is irrelevant -- although they would all be taken into consideration on your debt to income ratio.

IF you qualify for conventional loans, however, it seems silly to go with FHA -- typically FHA is for borrowers with lower credit scores or higher debt-to-income. The payments are almost always higher FHA than with conventional, so if you do in-fact have the ability to go conventional on your investment properties, i'm not sure how it would benefit you to take out an FHA loan on one you plan to occupy.

Hope this helps!