Accokeek, MD · Member since 2016 · 3 posts · 0 votes
Just curious. Is it possible to have both a FHA loan and a FHA 203k loan at the same time?Here is my scenario: I currently own a home which is financed through FHA first time buyer program. I recently found a property that needs repair which I plan to make my primary residence. Is it possible to finance the new property with FHA 203K while still keeping the first home?
In my experience that wouldn't be allowed. You would have to refinance your property now into a conventional loan and then you can use the 203k for the next property. Only 1 FHA loan is allowed at a time. Talk to your lender about it, they should be able to make it work if your 1st property is a single family home or has 20% equity in it.
Wholesaler · Merrick NY & Lexington, KY · Member since 2016 · 67 posts · 22 votes
9y
Call the mortgage person that you dealt with originally when purchasing your home and see what they would recommend, or if you know another mortgage professional it would be best to speak to them. A mortgage professional be able to advise you best.