4 Replies

Hello BP!

I am trying to find out if it is possible to have 2 FHA loans in a 2 year mark? So if I bought a house in Jan 2016 then come Feb 2017 I could get a second FHA loan? Is this possible doing it FHA both times? If not does anyone have a Loan Hack to get around putting 20% down on the second loan?

Thank you

@Michael Bowser

FHA does put restrictions on having more than one loan. The idea behind FHA is for it to be owner occupied. There are some exceptions they will make, like if you change jobs, if you need to increase house size because your family is growing.

You'll have to document all of this for them to make these exceptions, but it is possible.

If you're looking to live in the house, you could easily do a conventional loan, and most of those you can get in for 5% down.

You can rent your home since he lived in it for over a year. Your mortgage holder would just change the status of the loan from owner-occupied. You can then get a second FHA loan out 3.5%down.

This is our plan, we have rented my fiance's FHA house and she is now able to get another loan in her name. I'm working on getting an FHA loan myself on a 4plex

We did a lease to-purchase for our rentals. We have a total of 3 Single family homes so far. 2 were owner financed properties.

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Okay, I am trying to avoid the 20% down because I will not be able to reach that requirement in a year. But a convention 5% or to get the other loan out of FHA might not be a bad idea. I am not sure what goes into getting that switched out though - (I don't want to refinance)