How many times can I apply For a FHA loan?

4 Replies

Hello,

I own a 2 multifamily home (FHA loan) in MA and it has been my primary residence for the past 10 years. I decided to invest in real estate and for my next property I would like to buy a 3 multifamily unit near my city and live there for the next year or so in order to qualify for FHA loan gain.

the question and concern is, would I be able to buy my single family home (with FHA loan) within 2 years after already securing a recent FHA loan for a 3 Multifamily house where I would live?

Thank you for your suggestions.

Karina

Originally posted by @Karina Oliveira :

Hello,

I own a 2 multifamily home (FHA loan) in MA and it has been my primary residence for the past 10 years. I decided to invest in real estate and for my next property I would like to buy a 3 multifamily unit near my city and live there for the next year or so in order to qualify for FHA loan gain.

the question and concern is, would I be able to buy my single family home (with FHA loan) within 2 years after already securing a recent FHA loan for a 3 Multifamily house where I would live?

Thank you for your suggestions.

Karina

With rare exceptions (you didn't describe anything that would meet them in OP) you can't have two FHA loans at once.

@Karina Oliveira , the question to ask yourself before buying a primary via FHA is: How will I get to the 20%+ equity I'll need before I can refinance out of that FHA mortgage into an investment mortgage, all within my desired 12-24 months of purchase, so that I can re-apply for a new FHA loan for my next SFR primary?

[Hint: Only buy bargains, that already have more value than you're paying for!] Welcome to BP. Good luck...

Btw, unless each subsequent primary is 100+ miles from the one you're refinancing out of, I believe FHA will not include any rent you get from your earlier FHA-primary in your Debt-To-Income Ratio! [Anyone, am I wrong about that?]