Can you get both a Home Possible and FHA Loan?

[LaQuan Bates]

Is it possible to obtain a Home Possible loan then a FHA loan a year later?

[Bill Schrimpf]

@LaQuan Bates - Home is Possible is a down payment "grant", not necessiarrly a loan (https://www.fha.com/fha-downpayment-grants) . The grant is usually part of a package that will include a FHA loan. I put quotes around grant becasue Home is Possible will increase your intereste rates and will have a silent second among other terms your lender should educaton you about.

As a general rule, you can only have one FHA loan at a time.

You should talk to at least two lenders.  Lenders are people.  Some are great, have a waelth of knowledge and close deals.  Bank/credit union loan officers will be educated on products their bank offers.  A mortgage broker will be educated on products for several lending companies.