Planning to get a second FHA loan but got denied
I hit a roadblock with my FHA loan. I bought a single family in 2020 with an FHA and I am ready to buy my first multi-unit. I was told by underwriting that they can’t give me another FHA since I have one currently. I thought that I am eligible since I lived in the first home for a year already. Can I use a VA for the new purchase instead? by mgreen153 from Riverside, California. Jul 14th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
1) you cant have two FHA loans at one time 2) you can use VA loan for new purchase
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Sorry. FHA loans are one loan at at time except for a few rare exceptions. FHA is also owner occupied only. This is very basic Loan Officer knowledge that even the most rookie Loan officer should have know. I'm shocked this got all the way to underwriting. I suggest getting a new Loan Officer. Good luck.. I lend for FHA loan on properties in MN, WI, IA, ND, SD. Find me at Wi-MortgageBroker.com - Cambria Mortgage, NMLS 274132
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Yes, you can use VA for the new purchase as long as you're going to live in one of the units.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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