Easthampton, MA · Member since 2018 · 4 posts · 0 votes
I am interested in going in on a property with another individual. We were brainstorming earlier and I had the thought, "Hey, I wonder if both he and I can get FHA loans for the same property?".
We both qualify for an FHA loan and would be living in the same unit on the property.
Ideally, we would split the ownership of the property 50/50 and if the above situation could work, we would each get FHA loans for half the price of the house.
I'm positive we can't do this for some reason, but I figured I'd ask just in case.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
No, @Zac Banas, you can't do this. Both lenders would want to be in 1st position. Why do you want to do this? What's the upside/problem you're trying to solve?
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
No, @Zac Banas, you can't do this. Both lenders would want to be in 1st position. Why do you want to do this? What's the upside/problem you're trying to solve?
Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
6y
The FHA loan has a cap. Not sure of the size/cost of the house you're hoping to afford, but applying together is your best option or going with a jumbo loan or different loan product.