Spouse's pre-existing fha loan

3 Replies

So my wife bought her house using an FHA loan before we married. My home was a conventfinal loan purchase for under appraisal. I've googled the topic extensively, but I can't find anywhere that states that I can't have my own fha 203k loan as the sole borrower, yet I've heard conflicting answers as to whether or not you can have multiple fha loans. Is it per borrower, or per household? If someone can help clarify and/or point me to the HUD statement that sets the rules and limits regarding multiple loans, I would greatly appreciate it.

I could afford the extra debt on my income alone (community property state requiring the spouse's debt level, even as a sole borrower), but I don't know if I would be eligible if they consider my wife's pre-existing loan as my one loan at a time. We don't have any qualifying exemptions otherwise, as the move would be to downsize and cash out rehab equity on my house, not out of added dependents or a major relocation. We would then see about using a 203k loan to purchase, rehab, and create equity in a smaller home with less overhead liability, while refinancing a year later to get rid of the PMI.

No matter what anyone on here tells you, your best answer will come from the lender you will be getting the loan from.  What is possible today, what has happened in the past and what your lender will do specifically with you are all different items. 

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@Dean Cravy

Being in a community property state, your wife is not required to be on the loan with you. If you are applying solely, then you can get a FHA loan in your name. It does not matter that she has a FHA loan. It has to do with borrower, not household.

Let me know if I can be of any other assistance with lending questions!