How Many FHA Loans Can You Have?

Whether you’re a first-time home buyer or looking to purchase another property, FHA loans are great as they come with looser credit requirements, small down payment options, and low interest rates. So it makes sense to wonder if you can have multiple FHA loans. Continue reading to find out whether this is possible.

Can You Have More Than One FHA Loan?

The short answer is yes, but you can only have one FHA loan at a time. This is because these loans are designed to help homeowners purchase their primary residence and not properties for investment. However, there is no limit to how many FHA loans you have over your lifetime as you move primary residences.

There is, of course, an exception to this rule if you meet strict and specific guidelines for taking out a second FHA loan at the same time.

When Can You Get a Second FHA Loan?

Life can sometimes change, and it may be necessary for you to have more than one FHA loan, and the Federal Housing Administration understands this. In certain cases, they may allow an exception depending on your circumstances and the lender’s policies.

You’ve relocated for work. If you’re relocating for work purposes, you may qualify for a second FHA loan before you sell your current home if:
- Your new home is at least 100 miles or beyond a reasonable commuting distance from your current home
- Your reason for leaving is legitimate
Your family has grown in size. If your family has outgrown your current home, you may be able to qualify for a second FHA loan. You’ll also need to meet the following requirements:
- Pay off your FHA loan’s balance to 75% or
- Have at least 25% equity in your current home
You’ve gone through a divorce. If you’re no longer living with a former spouse or co-borrower, you may qualify for another FHA loan to purchase a new primary property. To do this, you’ll need either a filed divorce decree or a separation agreement.
You’re co-signing another FHA loan. Whether you’ve already financed your primary property with an FHA loan, you may still be able to co-sign a second FHA loan for a family member. This also means you may still be eligible for your own FHA loan if you’ve co-signed as a non-occupying co-borrower.
You’re investing in an FHA foreclosure. If you’re planning on investing in a property that the FHA has foreclosed on, you may be eligible to qualify for a second FHA loan.

FHA Loan Qualifications

Whether this is your first or second FHA loan, you’ll need to meet the following qualification requirements:

Have a credit score of at least 580
Be able to make a down payment of 3.5% with a credit score of 580 and up, or a down payment of 10% for credit scores lower than that
Have a debt-to-income ratio of 43% or lower

Some lenders may have additional requirements, such as having sufficient savings in your account to cover closing costs.

Purchase Your Home in Florida With an FHA Loan

Are you ready to purchase your dream home with an FHA loan? Florida State Mortgage Group, Inc., can help you get the application process started. Contact us today at (954) 359-3000.

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What Our Clients Are Saying

Florida State Mortgage Group, Inc - Greater Fort Lauderdale Mortgage Broker

5.0

Based on 31 reviews

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AUWAL ADAMU H.

15:26 28 Sep 23

I can't thank Steve at Florida State Realty Group enough for helping me purchase my Fort Lauderdale condo. He made the entire process smooth and efficient. Highly recommended!

Nkechi G.

15:13 28 Sep 23

Betty at Florida State Mortgage Group is a true professional. She helped me invest in a great property in Fort Lauderdale. Her expertise and dedication are top-notch. I couldn't be happier.

Art K.

15:30 27 Sep 23

Once our regular bank delayed our loan application, we became exceptionally nervous. We were in jeopardy of not only losing our new home but our deposit. We are eternally grateful that we were referred to Steve McWilliam. We had initially Googled Fort Lauderdale Mortgage Broker and he was the number one mortgage broker but we had already started the process with our local bank which was a horrible experience and mistake. We can highly recommend Steve as he delivered above and beyond what we had expected.

Harry K.

20:07 15 Sep 23

Stephen is an expert in this bussiness.Excellent attention, fast respond to all our questions.

Scott M.

02:17 22 Oct 22

Steve and his team did a fantastic job with my loan and I would highly recommend! They are extremely knowledgeable and professional and will certainly use them again! I have had a few other friends use Steve and they all have positive things to say. 5 stars!

Isabel E.

13:54 08 Oct 22

Stephen and Betty over delivered not only my needs in securing a loan to purchase my dream house but we’re profferesional and courteous every step of the way. I am blessed to have had met them. Thank you GOD

Anand S.

21:58 07 Oct 22

Steve is an excellent person to work with and have excellent knowledge about home loans. He is able to close my both the loans very efficiently. I recommend Steve to whoever wants home loans.

James B.

03:11 20 Nov 21

From my first call to Steve Mc William to the second we closed, it was the best service ever. I felt as if I were their only customer. Everything was top notch and professional.

Stephen B.

15:59 19 Nov 21

J C

21:36 13 Nov 21

Mr McWilliam was extremely thorough and informative. He even provided excellent advice on some other non related mortgage questions I had. He listened carefully to my goals and provided me with the best product for my financial situation. I have never met any one so thorough. Thank you.

Crystal T.

14:04 12 Nov 21

angelo C.

21:26 08 Nov 21

Linda R.

19:27 18 Jan 21

Steve did a great job on our refi. Thanks for making it happen.

12:15 30 Jul 20

Steve and his team at Florida State Mortgage Group, Inc. went above and beyond to help me get my mortgage for our families new home. Steve is very professional, experienced, and the company offers excellent customer service. I highly recommend anyone in the need of a mortgage to contact Florida State Mortgage Group, Inc.

Lana M.

16:22 13 Feb 20

Stephen McWilliam was an amazing person to deal with. Our deal was pretty complicated on all aspects and he was so professional, he got it done !!! Thank you so much for all the hard work you put into this deal!!!

Erica Bethe L.

16:21 22 Jan 20

Working with Steve and Florida State Mortgage Group was singlehandedly the best and most seamless part of buying our home. I could not recommend them more highly.

Charlie C.

14:45 14 Jan 20

Stephen went above and beyond to help me in my situation. Thank You 👍

Brian M.

15:02 13 Jan 20

Steve did a wonderful job securing a mortgage for me based on the parameters I gave and seeing everything through to completion. No hiccups for me along the way in a process that can be very painful if not managed well.

Shannon D.

01:34 12 Jan 20

Steve and the team at Florida State Mortgage Group are exceptional. I was looking for a townhouse for my family when Steve and his team were referred to me. Florida State Mortgage Group showed me I could easily afford a single family home. Steve handled everything from providing a list of homes, securing the home loan, insurance options and closing.I’ve referred Florida State Mortgage Group to friends and family. Each person has experienced the same level of knowledge and quality of service.5 STARS

Florida G.

19:08 11 Jan 20

I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.

Michelle V.

17:20 08 Jul 19

I worked with Betty to buy my first house here in South Florida and I could not be happier! She was amazing. She was always available to answer my questions and she was very patient. She was extremely knowledgeable, even getting me approved for a HUGE tax exemption I will receive annually . She always had all the paper work ready on time and explained everything in detail. I could not image a better agent. I'm SO glad we made the decision to work with her. Thanks Betty!

Justin P.

16:01 08 Jul 19

Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!

Ganel A.

00:59 26 Feb 19

you guys are doing a great job keep it up.

Mike H.

17:15 20 Feb 19

Natalie R.

20:59 12 Feb 19

We had a great experience with Florida State Mortgage Group. Would recommend them and will use them again in the future.

Sean Z.

18:28 05 Feb 19

Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He’s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.

Scott Y.

17:42 04 Feb 19

The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.

Mike M.

03:25 03 Feb 19

Knowledgeable, Professional and results oriented!!

Hugh B.

19:22 02 Feb 19

If your looking for a highly professional, easy to work with and lightning fast mortgage team, then Florida State Mortgage is for you.I wouldn’t go anywhere else for my mortgage needs.Hugh B.Davie, Florida

Madison C.

00:53 30 May 18

They were a pleasure to work with and they helped us get through the financing of our first home in Florida. Highly recommended!

Peter P.

07:26 22 Feb 18

They helped me get a loan for my first-home purchase. At first I wasn't sure what to expect working with them, but they quickly put those worries to rest! They were very patient with us every step with professionalism.

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