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I have a FHA Loan. Can I have two FHA Loans? Important things to be aware of !!!
 
How many FHA Loans can I have?

 
FHA Mortgages have become increasingly more popular for 2 reasons. You just need 3.5% as a down payment and that many lenders will go down to a 620 credit score. What I am seeing now is the confusion about whether you can have 2 FHA loans because loan officers and lenders are giving the wrong information on the basic guidelines.  And yes, you can have two, and even more, FHA mortgages.
Example :
Just yesterday, I had a client that was told that they need 30% down on their new property in order to have a FHA mortgage, because they currently have a mortgage. What gets worse is that this borrower has a conventional mortgage on their current property, not a FHA loan. Not only did the loan officer get the percentage down wrong, but they never asked what kind of mortgage they have now. In this example, this borrower could buy a new primary property with a FHA loan and only with 3.5% down. But beware of the Buy and Bail, mentioned below.
 
 
 
 
Why would someone have 2 FHA mortgages?
 
The main reason would be ... more

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