Updated over 6 years ago on . Most recent reply
FHA Loan - can I qualify w/ an existing mortgage?
If I already have an existing mortgage am I able to use an FHA Loan for a SFH investment property (flip or buy and hold) ?
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Andrew Postell
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Adam Heseltine you absolutely can and @Nicholas Lohr you are allowed to have more than 1 FHA loan if your family size increased (warranting you needing a bigger property) or if you had a job transfer out of your normal commuting range (generally 100 miles) and some things like that.
When using an FHA loan and already having an FHA loan your VACATING property will need 25% equity in order to use rental income from the vacating property. If you don't need it to qualify then it doesn't matter.
Hope this helps!