FHA loan current for 2018 guidelines ................

[Michael Dunn]

FHA loan question:

How many FHA loans can you have at any given time ? I currently have a FHA loan on one of my Rentals  ( I lived in the property for 1 year and am now renting it out ) Can I now use another FHA loan to purchase another Primary Residence ? Or would I have to refinance out of my FHA loan in order to get another one ? Thanks so much for the help 

[Nicole Heasley Beitenman]

You can only have 1 FHA loan at a time with very few exceptions. One exception is if you are relocating for work. I believe your 2nd home cannot be within 50 miles of your first, but don't quote me on that. Depending on your circumstances, you might meet the criteria to qualify for a 2nd FHA loan, but you'll likely have to refinance to purchase a second primary. 

That being said, since you're looking for a second home to live in and not just rent, there are other loans with low down payments. Maybe not 3.5%, but you could possibly find something in the 5-10% range. 

I'm in the same boat as you. Bought my primary with FHA, house hacked, and now I'm ready for house #2. I'll either refinance or look for a lender whose willing to do a conventional loan with 5% down. My plan is to spend all of next winter talking to every lender I can about what they're willing to do for me.

 I'd be very grateful if you could keep me posted on what you find out!