Quick Answer: Can I Qualify For An FHA Loan If I Already Have One?

In general, a borrower may have only one FHA mortgage loan at one time.

If at some point they want to obtain another FHA loan then the first one needs to be paid off before applying for another one.

However, there are exceptions to that rule according to The Department of Housing and Urban Development (HUD).

Can a person have 2 FHA loans at the same time?

Generally speaking, you are not allowed to have multiple FHA loans at the same time. Many of the experts we spoke to say that the process to qualify for multiple FHA loans is difficult. That being said, there are some exceptions to the rule for which the FHA will allow a borrower to obtain more than one FHA loan.

How long do you have to wait to get another FHA loan?

After going through foreclosure, you must wait three years before you can be eligible for another FHA loan. If you’ve been through bankruptcy, you must wait two years before you can apply for a second FHA loan.

How many FHA loans can I get?

In general, FHA loan rules are designed for borrowers to have one FHA mortgage at a time, and to allow borrowers to refinance an existing mortgage to a new FHA loan. In most cases a borrower cannot have two FHA loans at once, with certain exceptions made for extenuating circumstances.