Can I get an FHA loan?

[Christopher Stanis]

Here's the picture: I have a single family home I'm rehabbing and may look to rent it out, and refinance under a residential refinance option. I have had no other properties under any residential loans. My question is - if I pursue this option, am I still eligible to apply for an FHA Loan in the future? Thanks!

[Raymond Ramos]

There are different kinds of FHA loans. The most talked about is the 203b, which is intended "To provide mortgage insurance for a person to purchase or refinance a principal residence".

Assuming that's what you're talking about, I've been told multiple times by mortgage brokers and sales agents that owning investment real estate doesn't prevent you from getting the 203b loan in the future.

Keep in mind, that the key is "first time home buyer" not "first time mortgage borrower". So even if you bought a primary residence all cash you'd be disqualified from the 203b.

You may also want to check out the FHA 203k if you're into rehabs. From their site:

"FHA's Streamlined 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home."

Good luck!