PE Qualification

I have over 5 years of mechanical engineering experience under a PE in California. I am working on getting my FE and was wondering if I have to wait 2 years of getting my FE to qualify for taking the PE. 

The way I read the regs https://www.bpelsg.ca.gov/laws/pe_act.pdf

You need three years of experience (can overlap with engineering college) to sit for the FE.

For the PE you need to be an EIT, and have six years experience - which can overlap with the requirement for the FE and include up to four years of undergrad. Unlike many states, California does not require that the experience must be earned after issuance of the EIT.

So if you have a undergrad engineering degree, then you have enough experience for both the FE and PE now. If you don't have any qualifying post-secondary education then you have enough to sit for the FE, but will need another year for the PE.