Updated over 5 years ago on . Most recent reply
Can a person have more than 1 Government backed loan at a time?
My Brother and I were debating on the subject of if an individual could have more than one Government backed loan out at a time ie. FHA, VA, USDA. I believe I remember listening to Brandon Turner's book on Low and No money down saying a person could only have out one at a time. My brother doesn't think this rule exists. I have a FHA loan on my current property and he has a VA loan. Would it be possible for us to partner on a new Government program loan either USDA, FHA, or VA to purchase another property, granted one of us lives in the residence for the 1 year required? Think small multi family here. Any advice from someone who knows the requirements welcomed. Thank you in advance!
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@Daniel Haberkost
Thank you for your reply, Daniel. I’m glad to hear that it is possible at least in that circumstance. I’ll check with lenders on whether this still can be done.