How many FHA or 203K loans can i get?

Creative Real Estate Financing
11yFollow

How many FHA or 203K loans can i get?

Daniel Alegre
Homeowner · Burlington, NJ · Member since 2014 · 58 posts · 15 votes

So i was watching @Brandon Turners 's webinar the other day on financing incredible rental properties the other day, which was great btw. He talked about getting more than 1 FHA loan as long as you live in the previous property at least 1 year. So i want to attempt to do this, i have lived in my current 2unit Multifam house for 1 year already and have my eye on another place in town. I talked to a mortgage guy and he said i must have a reason to get the next property. So one reason would be that eventually my wife and i may want to have another child but in our current situation our unit only has 2 bedrooms. If we end up staying in the 2nd house longer than a year then we will def need that third bedroom.

How many FHA loans have you ever heard of someone having at any given time. And lets say in the future i have these 2 properties and want to get a 203K loan, will having the first two properties hinder that venture? how many 203k loans can someone get?

Are there other methods of continuing to get FHA / 203K loans?

0Reply
62 views

Most Popular Reply

Patrick Britton
Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
11y

you can only have one FHA 203k at any given time. you can have 2 FHA but under only very, very specific circumstances which are nearly impossible to get.

you may want to look at Fannie's new Homestyle program. It's basically an FHA 203k but not FHA, so it's much, much cheaper and better.

i could elaborate but PM me if you want to.  

1Reply
See this reply in the discussion

4 Replies

Jump to latestLatest
  • Patrick Britton
    Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    11y

    you can only have one FHA 203k at any given time. you can have 2 FHA but under only very, very specific circumstances which are nearly impossible to get.

    you may want to look at Fannie's new Homestyle program. It's basically an FHA 203k but not FHA, so it's much, much cheaper and better.

    i could elaborate but PM me if you want to.  

    1Reply
  • Jose Guerrero
    Member since 2021 · 1 post · 0 votes
    4y

    Hello,

    How many can I have (203k loans)through out time though? Meaning, If I do one year, refinance out of it can I then pursue another 203k loan the next year?

    Or, can I only complete 2 203k loans in my lifetime? Just some examples. Thanks!

    I know I cannot have two 203k loans active at the same time. What I am asking is if there is a limit to how many you can do?

    0Reply
  • Jeffrey McKeePro Member
    Real Estate Agent · Plano, TX · Member since 2013 · 477 posts · 89 votes
    3y
    Quote from @Daniel Alegre:

    So i was watching @Brandon Turners 's webinar the other day on financing incredible rental properties the other day, which was great btw. He talked about getting more than 1 FHA loan as long as you live in the previous property at least 1 year. So i want to attempt to do this, i have lived in my current 2unit Multifam house for 1 year already and have my eye on another place in town. I talked to a mortgage guy and he said i must have a reason to get the next property. So one reason would be that eventually my wife and i may want to have another child but in our current situation our unit only has 2 bedrooms. If we end up staying in the 2nd house longer than a year then we will def need that third bedroom.

    How many FHA loans have you ever heard of someone having at any given time. And lets say in the future i have these 2 properties and want to get a 203K loan, will having the first two properties hinder that venture? how many 203k loans can someone get?

    Are there other methods of continuing to get FHA / 203K loans?

    The FHA 203k loan program enables borrowers to finance home purchases or refinancing along with renovation costs. There is no set limit on the number of FHA 203k loans an individual can obtain. However, certain considerations apply:


    Occupancy: The loan is primarily for owner-occupants, not investment or second homes.
    Loan Limits: Loan limits vary by county and determine the maximum financing amount. Check local limits to ensure eligibility.
    Loan Qualifications: Meeting specific criteria such as credit score, debt-to-income ratio, and employment history is necessary.
    Concurrent Loans: Generally, only one FHA loan is allowed at a time. Exceptions exist for specific circumstances like job relocation or growing family needs.

    It's advisable to consult with an FHA-approved lender who can provide personalized guidance based on your specific situation.
    0Reply
  • Erik Browning
    Lender · CO CA TX WA ID OR · Member since 2020 · 419 posts · 542 votes
    3y

    @Daniel Alegre you can get one FHA or FHA 203k loan, live in it for a year, and then do it again over and over as long as your DTI ratios are good each year. You can also use a down payment assistance, FHA/FHA 203k loan as well and also do that sequence of events. Again, most folks get hit up when they have multiple mortgages affecting their DTI ratio when compared to their income.

    The answers above are not entirely correct, I’m a lender and a have seen folks use this method in the past

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free