Did you know that a borrower can have more than one FHA loan? FHA Financing does not offer loans for investment properties. In normal situations FHA allows only one loan per borrower. Below are four unique exceptions to this rule.
1) Increasing Family Size- If the borrowers current residency no longer meets the families needs due to an increase in the number of legal dependants then that borrower is allowed to obtain another FHA insured mortgage loan and purchase a new house while renting or selling the existing home with an FHA loan.
2) Jointly Owned Properties-If one borrower is leaving the home secured with an FHA mortgage and the co-borrower is staying in the home, then borrower is permitted to purchase a new home with an FHA mortgage, if qualified, while still being on the note of the first home loan.
3) Non-Occupant Co-borrowers - A non-occupant co-borrower is allowed to own a home with an FHA mortgage or purchase a home with an FHA secured financing.
4) Relocation - If a borrower is relocating for employment purposes and is not going to sell their home that has an existing FHA mortgage that person may be eligible for a second FHA mortgage loan.