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can you have two FHA loans

can you have two FHA loans

i have one FHA loan can i buy a newhouse with another FHA loan???


cwrestling's picture
cwrestling
11-07-2012

5 Answers
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1
Yes you can but under certain circumstances. A growing family size can be one reason and relocating to a new home that is not within commuting distance of the present home can be another reason to take out 2 FHA loans at the same time. However, you need to prove your situation to the FHA.

Anonymous | Asked on 2012-07-11


1
Hey that's me Ashley. I forgot to log in. Sorry ;)

ashleyspeaks86 | Asked on 2012-07-11


1
Ashley has nicely explained the reasons behind taking out 2 FHA loans. However, in order to get the approval for a second FHA loan, you should be in a fnancially strong position.

skyden.dredge | Asked on 2012-07-11


1
If you have the required income and credit as required by the lenders, then you may qualify for another FHA loan. You should contact the local FHA lenders and check out if they will help you in getting another loan for a new property.

smith.sussane | Asked on 2012-07-11


1
You can get another FHA loan, however, you may have to qualify while carrying both mortgages. If you have 25% equity in your current property, you can use expected rental income from the current property. others are correct about having to prove to the FHA that you have substantial reason to move. Closer to work, more sq footage, nicer home, etc. if you are in NJ,NY email me at mailto:pbotros@omegaloans.net">pbotros@omegaloans.net

pbotros | Asked on 2012-07-12

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