Comments on: Is it legal to have two FHA mortgages at once? http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once Home Mortgage Info, Deals and More. Wed, 04 Aug 2010 08:01:06 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Tim http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once/comment-page-1#comment-4202 Tim Tue, 20 Jul 2010 06:15:59 +0000 http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once#comment-4202 As Arbor said you fall under one of the few exceptions to having more than 1 FHA mortgage at a time. What she didn't mention is that this exception also applies to the rental income history. In the event of a job transfer, a lease agreement may be used to document the rental income. You can read more about this by going to the url listed below. http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/<br><b>References : </b><br>I'm a mortgage banker/broker As Arbor said you fall under one of the few exceptions to having more than 1 FHA mortgage at a time. What she didn’t mention is that this exception also applies to the rental income history. In the event of a job transfer, a lease agreement may be used to document the rental income.
You can read more about this by going to the url listed below.

http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/
References :
I’m a mortgage banker/broker

]]> By: ~*Mama-of-Two*~ http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once/comment-page-1#comment-4201 ~*Mama-of-Two*~ Tue, 20 Jul 2010 05:48:59 +0000 http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once#comment-4201 You could try for a different type of loan but I highly doubt you will qualify since you are in debt with your other house. Its best that you just rent a place until you can sell your home.<br><b>References : </b><br> You could try for a different type of loan but I highly doubt you will qualify since you are in debt with your other house. Its best that you just rent a place until you can sell your home.
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]]> By: Arbor Mortgage http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once/comment-page-1#comment-4200 Arbor Mortgage Tue, 20 Jul 2010 05:03:59 +0000 http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once#comment-4200 FHA guidelines state that you can only have 1 FHA insured mortgage at a time, since the mortgages are for primary residences only. But, there are a couple of exceptions to that rule. The job transfer of 150 miles away is one of those exceptions. You should be able to get another FHA loan, as long as you qualify with both mortgage payments (or if you can prove a 2 year history of collecting rent through tax returns, then you can use the rent as income to offset the other mortgage)<br><b>References : </b><br>Mortgage lender FHA guidelines state that you can only have 1 FHA insured mortgage at a time, since the mortgages are for primary residences only. But, there are a couple of exceptions to that rule. The job transfer of 150 miles away is one of those exceptions. You should be able to get another FHA loan, as long as you qualify with both mortgage payments (or if you can prove a 2 year history of collecting rent through tax returns, then you can use the rent as income to offset the other mortgage)
References :
Mortgage lender

]]> By: David Z http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once/comment-page-1#comment-4199 David Z Tue, 20 Jul 2010 04:15:59 +0000 http://www.selviceevler.com/fha-home-mortgage/is-it-legal-to-have-two-fha-mortgages-at-once#comment-4199 FHA will not allow more than 1 outstanding loan at a time.<br><b>References : </b><br> FHA will not allow more than 1 outstanding loan at a time.
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