FHA Owner-Occupied Loan and Multiple Fannie Mae HomeStyle Loans

[Andrew B.]

Can anyone help me understand if my situation is possible and not breaking any rules?

First, our current primary residence is an owner-occupied duplex where we used FHA financing. We will have established one year of residency in April 2021.

Second, we are looking at doing a large renovation for our “forever home” and are going to buy a house using the Fannie Mae HomeStyle loan as a primary residence. The renovation of this home will be completed after April 2021 once we have established one year of residency in our duplex.

Third, we are looking at buying a single family using the Fannie Mae HomeStyle investment property loan.

My questions are:

1. Can I have two Fannie Mae HomeStyle loans at once? One for an investment property and one for a primary residence?

2. Is there any issue with us starting the process of buying our next primary residence prior to establishing one year of residency in our current primary residence? We would likely be trying to close on the Fannie Mae loan for the next primary sometime in September with a completion date for the renovation estimated to be April/May 2021.