Is it possible for husband & wife to get 2 multifamily FHA loans?

[Wyatt Michael]

Hello Friends. I would like to know if it is possible for a married couple to each get an FHA loan for 2 separate multifamily properties - the husband lives in one and the wife lives in the other for one year until that requirement is fulfilled. Is that possible seeing that the husband has 10 FHA loans available to him and also 10 for the wife? Thanks.

[Joe Splitrock]

Originally posted by @Wyatt Michael:

Hello Friends. I would like to know if it is possible for a married couple to each get an FHA loan for 2 separate multifamily properties - the husband lives in one and the wife lives in the other for one year until that requirement is fulfilled. Is that possible seeing that the husband has 10 FHA loans available to him and also 10 for the wife? Thanks.

You can't take out 10 FHA loans as a couple, let alone 10 each. FHA loans have to be taken out jointly as a married couple. FHA loans are designed for low to mid income earners to get assistance to buy a home to live in. These programs are meant to help people get started in life, not meant for investors. Lender will flag you quickly if you try to get around this.

Conventional mortgages, you can have 10 each theoretically - if you both qualify for that many. That could work if you both have good incomes, but keep in mind there are down payment and reserve requirements as you start adding more loans. They have changed over time, but you can expect 25% down and six months payment reserves as you add a few.