My wife and I are planning to buy a home early next year. She had bought a home before we met through FHA. The home is only 900 SF and 3 bedrooms. She bought it for 75k it is now appraised at 90k. The payoff amount is 63k. It is a small home and when my son comes over to visit (15) he sleeps on the couch. Needless to say we need a bigger home. We are planning to buy a 4 bedrom that is 2400 SF and 198k. I know it's possible to have 2 FHA mortgages but I'm not sure what they look at to be able to qualify going with a second FHA mortgage. Anyone here gone through a similar situation? How does it work? Thanks in advance for your replies....
