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I have grown out of my original FHA loan

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mangto70 Joined: 17 Oct 2009 Posts: 1 1.49 Dollars($)	Posted: Sat Oct 17, 2009 3:26 pm    Post subject: I have grown out of my original FHA loan Like 0 Dislike 0 I was wondering,can I have two FHA loans? When I bought my house in 2006 It was only myself and my two children in a 900 Sq foot slab home. I recently married and have added 3 to the family making us a total of 6 plus the dog. Needeless to say we have grown out of our home and need to get a larger place. I have never been late on my Mortgage nor is the property in distress of being forclosed on. Clearly my family needs have surpassed what the home could offer. I can't sell right now because of the market but I would like to rent the house out and apply for a second mortage. Are thereany provions in the FHA guidlines that permit for the growth of the family?
sunnyca2009 Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)	Posted: Sat Oct 17, 2009 4:09 pm    Post subject: Like 0 Dislike 0 I do nto think there is any such clause AT the end of the day they would look at can you afford to make payment monthly on the loan or not. Based on that you get approved or denied
kas_mah80 Joined: 06 Sep 2009 Posts: 31 -0.11 Dollars($)	Posted: Sun Oct 18, 2009 8:46 pm    Post subject: Like 0 Dislike 0 i think u need to contact with lenders that will guide you much better , and if your credit score is good for loan then you are able and get loan easily, regards
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Mon Oct 19, 2009 8:57 pm    Post subject: Like 0 Dislike 0 you cannot get a new fha loan while still owing on an fha loan. it's that simple. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
sunnyca2009 Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)	Posted: Sat Oct 24, 2009 11:00 am    Post subject: Like 0 Dislike 0 Thats absolutely correct You can have only one FHA loan at a time
ronb009 Joined: 17 Dec 2009 Posts: 12 0.00 Dollars($)	Posted: Sat Dec 19, 2009 4:26 am    Post subject: Like 0 Dislike 0 You have to repay current loan then only you can think of other loan.
ronb009 Joined: 17 Dec 2009 Posts: 12 0.00 Dollars($)	Posted: Sat Dec 19, 2009 4:28 am    Post subject: Like 0 Dislike 0 I have still one doubt..... Is with other lender we will get the loan ?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Sat Dec 19, 2009 8:22 pm    Post subject: Like 0 Dislike 0 it doesn't matter who the lender might be when obtaining a new loan. all lenders are happy to see a customer coming back. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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