Can I get an FHA loan if I already have a conventional?

[Lance Nelson]

I have two properties in the Portland, Oregon area that are both financed with conventional loans. I'd like to keep them and buy another 2-4 unit multi-family with an FHA loan. It was my understanding that I could do that as long as I didn't have more than one FHA at a time. Recently a lender in the area told me I can't get an FHA if I have current conventional loans on other properties. Is that true?

[Chris Mason]

Originally posted by @Lance Nelson:

Thanks for the response @Jason Wray. I would definitely be moving to an inferior home if I did an FHA on a fourplex, but I'd be open to doing that for a year to get such a low down payment on a MF. I guess I couldn't do it if the bank considers that inferior to my current home.

 The "inferior" home thing just needs to make sense. Such that it's not inferior to you.

Not long ago I had someone moving from a large 4/2 with a yard to a 2/1 unit in a duplex. The original plan with the 4/2 was to get married to the fiance, and fill it with babies. But, they split up. Now, that 4/2 is a bunch of extra space that a single person does not need, it's just extra crap to clean/maintain/etc. Bonus, new house has shorter commute to work. It (probably) wasn't necessary, but I had him send me a picture of him standing next to his former fiance smiling ("before"), and another picture of him alone, carrying a mop and cleaning supplies, over-the-top frowning ("now").