Originally posted by @Maria Luna :
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.
Oh ok. Thank you so much for the information Chris.
Now the PMI is for the life of the FHA loan.
So, if I switch my current mortgage to a conventional loan, the PMI is on the new FHA loan?
I believe FHA has MIP (mortgage insurance premium) which is for the life of the loan. If you refi to conventional, you have PMI which you can request to be removed once LTV in your property falls to 80%. It will automatically be terminated once LTV reaches 78%
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