Sincerely, Leah Augusta, GA
A: Only one FHA loan is permitted.
A:Is the loan you cosigned on an FHA loan? If so, you will have to get rid of your house or the cosigned loan. Also, is the new house you are wanting to purchase near your current home? FHA is set up for owner occupied buyers. Although I have seen people with multiple FHA loans in the past, dont count on it in todays real estate climate. You could always apply for a conventional loan while you are trying to sell your place. Then when your current place is sold, and you are in your new home, you could refinance to an FHA loan. Talk to your loan officer to find out your options.
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Category: Real Estate Notes
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