Generally speaking HUD likes a borrower to only have one FHA loan at a time.
However, there are certain circumstances where it’s possible to obtain a 2nd FHA loan.
One of these situations is if the number of dependents has increased to the point that the current house no longer meets the families needs.
We would of course need to prove your dependents have increased.
The other caveat to getting a second FHA loan in this situation is that we would have to prove you have a 75% or lower loan to value ratio in your current home. An appraisal on your current home is the only way to show this.
If you are in this situation let me know and I’ll see if we can help you out!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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