CAN I HAVE MORE THAN 1 FHA MORTGAGE? FHA will NOT insure more than one primary FHA mortgage for any FHA mortgage applicant, except under the following circumstances outlined below. FHA Mortgage Lenders will Not approve any FHA Mortgage applications if it is determined that the transaction was created to use FHA mortgage insurance as an opportunity for obtaining Investment or second FHA mortgage properties, even if the FHA mortgage applicant only has one FHA mortgage. FHA mortgages previously acquired as Investment Properties are not subject to these restrictions.  



FHA CASH OUR REFINANCE: Since you cannot use a new FHA MORTGAGE to purchase a second FHA mortgage or an investment property. You might, If you have alotof equity in your FHA mortgage you may be able the FHA cash out refinance your current FHA mortgage up to 85% of the appraised value. YOU MUST HAVE OWNED YOUR CURRENT FHA mortgage FOR AT LEAST 12 MONTHS TO FHA CASH OUT REFINANCE. You may either purchase the investment or second FHA mortgage in all cash or use the cashout as a sizable down payment on your new vacation or second FHA mortgage.

Listed are the only circumstances in which an FHA mortgage applicant with an existing FHA-insured Mortgage for a Principal Residence may obtain an additional (ANOTHER FHA MORTGAGE) on a new Principal Residence:  

INCREASE IN FAMILY SIZE – Any FHA mortgage applicant may be eligible for another house with an FHA-insured Mortgage if the FHA mortgage applicant provides satisfactory evidence that: – the FHA mortgage applicant has had an increase in legal dependents and the Property now fails to meet family needs; and – the Loan-to-Value (LTV) ratio on the current Principal Residence is equal to or less than 75% or the current value or is paid down to that amount and based on the outstanding FHA Mortgage balance and a current residential appraisal.   

VACATING A JOINTLY-OWNED PROPERTY – Any FHA mortgage applicants may be eligible for another FHA-insured Mortgage if the FHA mortgage applicant is vacating (with no intent to return) the Principal Residence which will remain occupied by an existing co-FHA mortgage applicant.  

RELOCATION – Any FHA mortgage applicant may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the FHA mortgage applicant is: – relocating or has relocated for an employment-related reason; and – establishing or has established a new Principal Residence in an area more than 100 miles from the FHA mortgage applicant’s current Principal Residence. If the FHA mortgage applicant moves back to the original area, the FHA mortgage applicant is not required to live in the original house and may obtain a new FHA-insured Mortgage on a new Principal Residence provided the relocation meets the two requirements above.  

NON-OCCUPYING CO-FHA mortgage applicant – A non-occupying co-FHA mortgage applicant on an existing FHA-insured Mortgage may qualify for an FHA-insured Mortgage on a new Property to be their own Principal Residence.  

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