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FAQ #40443

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My current home loan is with the Federal Housing Administration (FHA). I want to purchase another home which will become my primary residence (and I will rent out the one I am currently in). Can I apply for another FHA loan?

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According to Federal Housing Administration (FHA) regulations, you must occupy the property as your primary residence and you cannot have more than one FHA loan at a time, so if you are selling home number one and making this shift, it will be fine. If you are not selling home number one, you will have to look at a refinance of that home in order to meet FHA criteria for home number two. With respect to Federal Housing Administration (FHA) loans, there are no restrictions regarding a borrower's income. One of the other big benefits of FHA loans is that they do not require a large down payment.

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