FHA LOANS, HOW MANY CAN YOU HAVE?

5 Replies

Hello everyone!! I’m looking for some information and hoping you guys can help me. How many FHA loans can you have at one time? I currently have an FHA loan on my home I live in, I bought it two years ago. I’m trying to buy a multi family, 4 units. Can I get another FHA loan if I use one unit as my primary residence?
Originally posted by @Maria Luna :
Hello everyone!!

I'm looking for some information and hoping you guys can help me. How many FHA loans can you have at one time? I currently have an FHA loan on my home I live in, I bought it two years ago. I'm trying to buy a multi family, 4 units. Can I get another FHA loan if I use one unit as my primary residence?

Generally you can have a single FHA loan at once. There are some rare exceptions based on life circumstance, but not that can be 'engineered.'

What you can do, however, is refinance the FHA loan into conventional, freeing up your FHA entitlement.

Rates are higher than they were when you got your FHA loan (assuming you got it a while ago), but that might be a wash with dropping the mortgage insurance if you have the equity.

So, if I switch my current mortgage to a conventional loan, the PMI is on the new FHA loan?

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