The house I am in now was bought by my wife 3 years ago before we were married... So the loan is completely in her name, can I take out a 203k loan in my name and rent out our current home? Or would I have to refinance my current home and pay off the first FHA loan? Or is it not possible to get a second FHA or 203k at all?
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Is it possible to each have our own FHA loan for a total of 2 though?
@Tim Vander Ploeg Hi Tim. You can definitely do this loan in your name only. You do not need to refinance it out unless you need to have your wife on the loan to qualify. If you do need her and do not want to refinance out of the current FHA than the property must be over 100 miles away from your wife's current property.
If you are going regular FHA or 203k but in your name only you are good to go!
Hope this helps and happy investing!
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