Looking to rent our house. Can we get another FHA loan or do we have to get a conv. loan and wry about 5% down and proving we can support 2 mtg pymts?

Asked by tananate, Bellevue, WA Thu Sep 13, 2012

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Marney Kirk, Agent, Towson, MD
Sat Sep 15, 2012
Hi Tananate,

I am not sure if you would be able to get another FHA loan, but also how much you would be able to do or if you could get another loan depends on your individual situation.

Your best bet is to talk to a professional loan officer to find out what options may be open to you based on your situation and qualifications.

If you'd like a few recommendations, I would be happy to share a few!

Thank you & good luck!

Marney Kirk
Keller Williams Excellence Realty
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, ,
Fri Sep 14, 2012

Greg's answer is right on the money in almost all cases but there is a little wiggle room to have two FHA loans under certain limited circumstances. The addition of a child or a forced move due to job loss or transfer would perhaps allow you to have two FHA loans. There are a few more reasons but I can't remember them off the top of my head and the reasons listed are what I have used to get people in another home using FHA while they already had an FHA loan. Hope this helps and please let me know if you need more information. As for any rental income if you don't have at least 30% equity in the property there is no way to use any rental income to help you qualify. More than likely both homes would have to be counted against you. Good luck and I am licensed in both Washington and Maryland if you ever need any direct assistance. One idea might be to streamline the current FHA loan to save money and help you qualify for the new home purchase.


Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
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Greg Myers, Agent, Gaitherburg, MD
Thu Sep 13, 2012
If you present mortgage is FHA your new loan will have to be conventional. You can only have one FHA loan at a time. If your intention is to rent your present home you will have to qualify for both
mortgage payments. The new guidelines for rental homes is a home must have been rented for one year before the rental income is included against the mortgage on the home.

Please consult a local mortgage lender.
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