Can you have two FHA loans? These are the exceptions:
1. If the borrower is relocating and re-establishing residency in
another area not within reasonable commuting distance from the current
principal residence, the borrower may obtain another mortgage using FHA
insured financing and is not required to sell the existing property
covered by an FHA-insured mortgage.
2. The borrower may be permitted to obtain another home with an FHA-insured mortgage if the number of legal dependents increases to the point that the present house no longer meets the family's needs. The borrower must provide satisfactory evidence of the increase in dependents and the property's failure to meet the family's needs. The borrower also must pay down the outstanding FHA mortgage (secondary liens do not need to be paid off or paid down) on the present property to a 75 percent or lower loan-to-value (LTV) ratio. A current residential appraisal must be used to determine LTV compliance.
3. If the borrower is vacating a residence that will remain occupied by a co-borrower, the borrower is permitted to obtain another FHA-insured mortgage. Acceptable situations include instances of divorce, after which the vacating ex-spouse will purchase a new home, or one of the co-borrowers will vacate the existing property.
4. A non-occupying co-borrower on property being purchased with an FHA-insured mortgage as a principal residence by other family members may have a joint interest in that property as well as in a principal residence of their own with an FHA-insured mortgage.
Can you have two FHA loans? Yes you can!
Call us 888.958.4228
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.
We look forward to working with you.
KEYWORDS: Can a person have more than one FHA loan Florida?
FHA Minimum Credit Score Needed to Buy a House
On January 20, 2010 FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
A collection is minor in nature does not need to be paid off as a condition for loan approval
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
FHA guidelines requires three year past from the date of sale of the property
Call Now, Our Staff is Available