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Updated over 4 years ago on . Most recent reply
How to qualify for a second FHA Loan?
FHA loans are amazing for getting a low-interest mortgage and low down-payment. However, these loans are designed for first time home buyers and were not necessarily meant to be used multiple times.
That said, what qualifications/requirements would you need to meet in order to take out a second FHA loan? Is there a limit to how many you can take out?
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#1 Foreclosures Contributor
- Real Estate Professional
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FHA is Not just for first time buyers. You are generally allowed to have only one at a time. To get another fha at the same time, you have to meet one of the exemptions.....moving over 50-100 milesfor work, increased family size, etc.
Otherwise you have to refi Out of the fha, typically into conventional, then you can get another fha..