Use FHA more than once and other questions?

3 Replies

Hello all,

I was curious how an FHA loan is used. If you have one residence under a mortgage and would like to acquire another and make it your primary residence, is it possible to use an FHA loan on your second purchase? Also, once you've used it, can you refinance into something different and then qualify for the 3.5% FHA again? Thanks in advance!

As far as I remember you can use FHA more then once but it is tough to have two FHA loans at the same time. You can purchase through FHA then once you acquire enough equity you can refi to convention mortgage then purchase second property through FHA. You should be able to buy again using 3.5% financing using this strategy.

Originally posted by @Shawn M.:

As far as I remember you can use FHA more then once but it is tough to have two FHA loans at the same time. You can purchase through FHA then once you acquire enough equity you can refi to convention mortgage then purchase second property through FHA. You should be able to buy again using 3.5% financing using this strategy.

Thanks Shawn!! I really appreciate your reply.