5% down for primary residence if I have an FHA loan already?

[Lucas Hammer]

I've been house-hacking a 2-flat in Chicago for the last few years and for personal reasons, we're looking to buy a SFH for our primary residence and start investing separately. Are 5% down payment loans typically reserved for first-time homebuyers? We've already started looking at properties for ourselves so we can rent out the unit we're living in. The reason I'm asking here instead of applying elsewhere is we're doing a Title 1 Loan right now on our 2-flat to get a bunch of **** done here right before we move so it'll be easier to rent out.

Our credit is great (high 700s) and I have a decent-paying job with 6 years of job history. Having never had a conventional mortgage and only having an FHA for low-down-payment, I guess I"m not sure what to expect and I don't want to fill out an application while we're getting a reno loan.

[Steve Wilmers]

I see I didn't exactly answer your question.  I went through this same scenario a couple of years ago and discussed it with my mortgage lender.  He said the minimum down payment I needed for a new house (owned the house I was living in at the time, with a conventional mortgage) was 5%.  From that conversation, there wasn't anything said that made me believe 5% was for first-time home buyers only.