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FHA loan limit?

I curretnly have a FHA loan. I want to sell this home to buy another. Can i get another FHA loan? by mccurley696 from Grafton, Massachusetts. Oct 15th 2019 Reply


Andrew Adams (The_203K_Loan_King)
#15 ranked lender in Massachusetts - 1 contribution

If you are selling your current home prior to buying the answer is yes. FHA does allow a 2nd FHA loan under certain situation, relocated for work or large increase in family size. My question is why do you want an FHA loan? FHA loans are great, but not always the best available option. Why do you want an FHA loan?

Oct 15th 2019
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Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 594 contributions

The preference is to have only one FHA loan at a time. There are RARE situations were FHA will allow to FHA loans for the same borrower. I agree with the other previous answer. Many residential loan programs are available besides the FHA loan program.

Oct 15th 2019
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Steven Brand (stevenbrand)
#2 ranked lender in Minnesota - 118 contributions

Yes you can. There are more details that are needed... but the quick answer is "you bet". Reach out if you can provide more details.

Oct 16th 2019
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,054 contributions

Sure, there is no limit to how many times you can get an FHA loan... But having two at the same time is not allowed except under a very limited set of special circumstances. I offer FHA loans in MN, WI, and SD. I can be reached at JoeMetzler.com - NMLS274132

Oct 16th 2019
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Dave Skow (daveskow)
#16 ranked lender in Washington - 281 contributions

yes - if the present fha financed home is sold before closing on new home - FHA loan can be used for new home

Oct 16th 2019
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

yes, but don't assume FHA will be your best option or the only one with a low downpayment required. A good mortgage officer will determine your best options and help you make an informed decision. FHA "PMI" never goes away now, so if you can get a conventional mortgage it may be a better option in the long run.

Oct 18th 2019
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