Posted on: 17th Oct, 2009 03:26 pm
I was wondering,can I have two FHA loans? When I bought my house in 2006 It was only myself and my two children in a 900 Sq foot slab home. I recently married and have added 3 to the family making us a total of 6 plus the dog. Needeless to say we have grown out of our home and need to get a larger place. I have never been late on my Mortgage nor is the property in distress of being forclosed on. Clearly my family needs have surpassed what the home could offer. I can't sell right now because of the market but I would like to rent the house out and apply for a second mortage. Are thereany provions in the FHA guidlines that permit for the growth of the family?
I do nto think there is any such clause
AT the end of the day they would look at can you afford to make payment monthly on the loan or not. Based on that you get approved or denied
AT the end of the day they would look at can you afford to make payment monthly on the loan or not. Based on that you get approved or denied
i think u need to contact with lenders that will guide you much better ,
and if your credit score is good for loan then you are able and get loan easily,
regards
and if your credit score is good for loan then you are able and get loan easily,
regards
you cannot get a new fha loan while still owing on an fha loan. it's that simple.
Thats absolutely correct
You can have only one FHA loan at a time
You can have only one FHA loan at a time
You have to repay current loan then only you can think of other loan.
I have still one doubt.....
Is with other lender we will get the loan ?
Is with other lender we will get the loan ?
it doesn't matter who the lender might be when obtaining a new loan. all lenders are happy to see a customer coming back.