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Can You Have Two FHA Loans at the Same Time
If a person already has an FHA loan in his primary house and gets a job offer with a different employer and needs to start the new job right away, can that person keep the existing house and rent it out and buy a second house to use as primary residence with a second FHA loan?
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1 Reply
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You normally cannot have two FHA loans at the same time unless there are extenuating circumstances like moving to a different location beyond driving distance normally 100 miles. No, generally, you cannot have two FHA loans at the same time. FHA (Federal Housing Administration) loans are intended to help individuals with low to moderate incomes afford homes. They come with certain restrictions, including limits on the number of FHA loans an individual can have.
Typically, the FHA allows borrowers to have only one FHA-insured loan at a time. There are exceptions to this rule, such as when a borrower needs to relocate for work and wants to keep their existing home as a rental property while purchasing a new primary residence. However, such exceptions are rare and require approval from the FHA.
If you already have an FHA loan and want to purchase another property, you may need to explore other loan options, such as conventional loans, or consider paying off your existing FHA loan before applying for a new one. It’s essential to consult with a mortgage lender or financial advisor to explore the best options for your specific situation.