FHA Loans question
So, I've heard a lot about FHA loans so I have a few questions about them. If y'all could help me please and thank you. So main concern is, can I get multiple FHA Loans and what's the minimum amount to get a FHA loan? Because I have a plan to get a small FHA loan in order to get a bigger one with the small one then pay off the small loan and only worry about the bigger loan. Example, if I get an $7,000 FHA loan, the down payment on the loan is around $245. Then with the $7,000 I get a $200,000 FHA loan.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
You usually can only have one FHA loan out at a time. Here are some exceptions,
You’re relocating due to a new job opportunity.
Your new home is more than 100 miles away from your current FHA-financed home.
Divorce.
@Miguel Nambo Couple issues with this:
- You can only have one FHA loan in your name (with certain exceptions)
- Lenders verify the source of funds and you can't use a loan as downpayment (again, with certain exceptions, with HELOC being the biggest one)
- FHA loan is secured by a piece of real estate so you won't be able to get it unless you have a $7,000 property
