You Can Get 2 FHA Loans in Certain Rare Situations!

[Kristin Cofflin]

Hello all! I currently own a town home that I want to rent out in order to house-hack my next purchase and begin my REI career. My main issue is that my current property is under a FHA loan. So, I emailed my original mortgage broker today. I was talking to him about my plans and I asked him what my options were. I thought I would have to refinance, but he told me that I may qualify for a second FHA loan! I couldn't believe it! Now this situation may not apply to many people, but I wanted to share just in case there are others in the same situation as me. In certain circumstances you can qualify for a second FHA loan under a relocation exemption. My lender said since I work over 50 miles away from my current residence that I should qualify for this! He also mentioned that the rules on this were kind of vague, but I should have a good chance of being eligible. I believe there are only a few more exemptions to the 1 FHA loan rule - such as an increase in family size, divorce/separation, and maybe one other situation. If anyone has any other relevant info to add, please share!

[Max T.]

Upen Patel knows all about these rules.