How many fha loans can we have?

Question

How many fha loans can we have? I wanna house hacking but I wanna know how many I can have in total if I refinance it to a conventional after a year is there a limit to that?

Jason Wray · Answer

Victor,

It is actually to have (2) FHA loans at the same time.  Typically FHA wants to see at least 75% LTV or 25% Equity in current home.  They will then look to see "Why do you need a new FHA Loan" so it would require extenuating circumstances for example:

1. Bigger home due to baby or growing family GLA - gross living area

2. Closer to School or work place of employment

3. Natural disaster - hurricane, Fire, Flood Peril of some sort

4. Retirement or disability meaning needing a smaller home or home with less floors Condo to SFR

So you can apply for another FHA loan and become approved.  But do not try and fool an underwriter they are trained so going from a single family home SFR - trying to get a duplex is not going to work.  Trying to buy a smaller home less in value basically an inferior home to what you currently have an FHA loan on to date.

Chelsea Anderson · Answer

Darcy is right - you can only have 1 FHA loan. You can buy another house with a minimal down payment but with a conventional loan and I believe you can have 10 conventional loans.

Darcy Reynolds · Answer

Hey Victor. Generally speaking, a borrower can only have 1 FHA loan at a time, but you can have multiple throughout a lifetime. Hope that helps.