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2 FHA loans....is it possible?

Regular Contributor

2 FHA loans....is it possible?

My wife and I are preparing to purchase a home by June/July '13 and then another 6-12 monts after that depending on when the builder finishes construction. What are the chances our bank (Citi) would allow it? Or any bank for that matter.


Thanks!


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
Message 1 of 9
8 REPLIES
Established Member

Re: 2 FHA loans....is it possible?

I own a small rental property that was financed with an FHA loan. I applied for another FHA loan and was told that I can't have 2 at the same time. I can't find any reason with the FHA, but I can't find a bank that will do it for me.
Message 2 of 9
Contributor

Re: 2 FHA loans....is it possible?

I have two now. Closed on a condo back in Feb under a homepath program which was an FHA loan and just closed at the beginning of this month on a house under another FHA loan. Condo was investment, house is primary residence. Might depend on your intent for second property.




Starting Score: 594 (Dec 10, 2010)
Score: 758 (March, 2013
Goal Score: 730 on all (by end of 2012)

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Message 3 of 9
Moderator

Re: 2 FHA loans....is it possible?


cahiatt wrote:

I have two now. Closed on a condo back in Feb under a homepath program which was an FHA loan and just closed at the beginning of this month on a house under another FHA loan. Condo was investment, house is primary residence. Might depend on your intent for second property.


Actually, a Homepath mortgage is a FNMA (Fannie Mae) product which is a conventional loan and not FHA (HUD).

 


 

Message 4 of 9
Contributor

Re: 2 FHA loans....is it possible?

I learn something new every day. Assumed it was FHA as that is how it shows on my credit reports and my lenders online portal for the note.




Starting Score: 594 (Dec 10, 2010)
Score: 758 (March, 2013
Goal Score: 730 on all (by end of 2012)

Take the FICO Fitness Challenge

Message 5 of 9
Moderator

Re: 2 FHA loans....is it possible?


cahiatt wrote:

I learn something new every day. Assumed it was FHA as that is how it shows on my credit reports and my lenders online portal for the note.


That's weird. I know what you mean about learning something everyday!

 

If you go to HomePath.com it will give you the low down on homepath loans which are stictly available on Fannie Mae properties that Fannie owns (REO's). Did you buy a bank f/c?

Message 6 of 9
Regular Contributor

Re: 2 FHA loans....is it possible?

Well I'm concerned then because we are buying a home for our mother in law and placing a deposit with a builder for our own home. After the mother in laws house closes it will be another year before ours is built. Any ideas?


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
Message 7 of 9
Moderator

Re: 2 FHA loans....is it possible?


Mickey11 wrote:
Well I'm concerned then because we are buying a home for our mother in law and placing a deposit with a builder for our own home. After the mother in laws house closes it will be another year before ours is built. Any ideas?

You are buying the home for your mother in law in your name? Only FHA will do a non-occupant co-borrower (to my knowledge).

 

You will need to make the loan for your purchase next year a conventional loan. There are conventional programs with as little as 5% down (excluding Homepath which is stictly REO properties).

 

Get with a loan officer now to get an idea of qualifing criteria.

Message 8 of 9
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Regular Contributor

Re: 2 FHA loans....is it possible?

Well she would be renting the home from us, but yes it would be under my wife and I


Starting Score: TU 660 EQ 623 EX 644
Current Score: TU 670 EQ 683 EX ???
Goal Score: 700 on all 3

Freedom: $3k, CSP: $5k, Chase Disney Premier: $5k, AmEx Zync: NPSL, Cap1 NH: $750, Cap1 Plat: $750, USC CU: $500
Message 9 of 9