Can I be pre-approved for FHA 203k & Conventional at same time?

[Joseph Miller]

Hi all,

I'm planning on navigating a tight window later this upcoming winter and looking for some wisdom. My fiance and I are in a lull waiting to hear back from University of Tennessee's ABSN program with their decision. My question is whether I can be pre-approved for two separate loan products at the same time. We just bought our first house last year here in DE (Conventional 5%) last spring and it will make a great LTR (Cash flow roughly $500/monthly). In a perfect world, we'd find a turn-key property under 250k with house hacking potential in Knoxville but I'm finding inventory over the last 3-4 months to be discouraging. There are houses out there but any that are decent are off-market within a day or are wildly over MP. I have no interest in buying a flip. Therefore, I've been trying to find a property that on the surface doesn't appear to have rental income potential but could be converted into a house hack feasibly. 203K FINANCING FOR BOTH -> At the moment, I'm entertaining either snagging a 1) SFH and building an DADU for STR/MTR or snagging a 2) Multi 2-4 unit that needs work and can have renovations done while residing in one unit. Otherwise, we'd just be using CONVENTIONAL and I'll get creative on how to get renovations done separate either with my own hands or with a construction loan. The window: we will not hear back from UT until roughly mid-jan/end-jan. Her program begins May and orientation is end of April. If accepted, we need to move down, at the latest, by end of march. I'm thinking that unless we immediately find a home (say in Feb), renting month to month starting March will give us a bit of cushion to continue the housing search while having a place to live in Knoxville. THE Q: I'd like to go into the house hunt with pre-approvals for both 203k and Conventional just to have more options at my disposal. I spent time this morning looking for answers whether this is possible or not and didn't find an example of my scenario. Thanks everyone and I'd appreciate any thoughts!