Getting Approved for Second FHA

[Erica Lawson]

My husband and I are currently living in a 1 bedroom duplex. We bought this duplex in February of 2019 with a FHA. The FHA is in my name only (my husband was self-employed at the time) but both our names are on the house. Our mortgage with insurance and taxes is $1225 a month. We rent the other side for $1000 a month and could rent our side for the same. We are due to have our first child this month and want to use this event to qualify for another FHA on a multi-unit to occupy so we can buy with little money down. We want to hold on to our current duplex long term. We live in Indianapolis. We bought in an up-and-coming neighborhood and the value of the home has already slightly increased. We have worked with our local credit union in the past but are looking for any advice on how to best proceed. Should we refinance our current mortgage to conventional then get a new FHA? Can we get a FHA in my hubsand's name only? Do we have to remain in this duplex until February? Do we need a lease on our owner-occupied side of the duplex to qualify? Any information is helpful! We would love to acquire more and more rentals.