Per Chapter 4, Section B of the HUD 4155.1 (This is the FHA Bible) downloadable for free from the HUD.gov website.... (my source isn't some statement made by a home seller on Trulia in 2008)
You can have 2 FHA Mortgages for the following reasons.
2. increase in family size
3. vacating a jointly owned property(divorced and spouse got old house yet you are still on the loan)
4. non-occupying co-borrowers(mom & dad can co-sign on an FHA loan even when they already have one)
Like I said before.... You CAN have more than one FHA loan. I have done these deals.
You need to get your answers from the right source. Realtors shouldn't answer loan guideline questions. I certainly wouldn't answer a real estate transaction question.
I only provided this information because many people read these Q&As and could get 100% wrong information if I didn't correct the bad info in this Q&A.
All of that said. It doesn't matter.
FHA is not a First Time Home Buyer loan. And the old home in your name DOES NOT prevent you from getting an FHA loan today.
Let me know if I can answer any more of your FHA questions!!
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
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