FHA home buying rules

[Paulina Telleria]

Does anyone know the rule of getting two FHA homes, as long as they are at a certain distance? Im looking at CA & FL. Hope everyone has a good week, thank you!

[Manny Vasquez]

You can have only ONE FHA loan at a time. However, you can refinance out of that FHA loan and then purchase your 2nd home using an FHA loan. So, you can buy your first home in California using an FHA loan. Then you refinance yourself out of that loan (that is not FHA). You then buy your 2nd home in Florida using an FHA loan. Its not as quick and dry as I just explained above, as FHA loans come with certain requirements you have to meet. For example, you will have to have a good reason for buying a home across the country (when you already own one) in order to use an FHA loan again.