Is it legal to have two FHA mortgages at once?

Posted on Sep 28, 2012 in FHA Information

Question by sar: refinance under making home affordable plan 10 points?
they have a no income verification program under the making home affordable plan . so why they asking to sign a 4506-7 form ??/
i mean 4506-T form

Best answer:

Answer by Landlord
They want your last 2 years income tax returns and they need this before the IRS will fork them over.

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Question by : With the Making Home Affordable program, site can I be denied loan modification if I already refinanced last year?
Only about 8 months ago Bank of America solicited me and offered to refinance my mortgage with the government “Making Home Affordable” program. I was struggling and it made perfect sense so I did it. Now things have gotten even worse for me and I’ve been working with a credit councilor to try to avoid bankruptcy. He suggested that I call the HUD and ask them about a loan modification. I spoke quickly with someone today, not an actual HUD councilor, that said that because I already refinanced with the program, that I’m not eligible to do a loan modification through it. Is this true!? If so, what options do I have? Can I get a loan modification without the government program? The credit councilor said that my housing costs should be about 30% of my income, and right now mine are 61%. I have absolutely no savings so I have to assume that I’m qualified for a modification.

Best answer:

Answer by kemperk
assume nothing

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Question by a little curious: where can I apply for a low income home loan in utah?
there used to be a place called farm home of america, information pills and i have heard of FHA, drugs but cant seem to find any info on it. doeas anyone know of a place that uses your income to decide the payment of your house rather than the amount of the loan?

Best answer:

Answer by Bill B
All places you your income to decide on your payment. The loan amount simply determines the amortization period.

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Question by lizabet17110: Mortgage rate?
My credit score is between 660 and 687. I need to refinace my current rate 7.35 adjustable mortgage. What kind of rate will I get.
Countrywide my current lender says I only qualify for a 8.75 rate because I had a bankraupcy in 1997 and I had two collections in 2003 due to my husbands illness and inability to work. He has since started to get Social Security and Retirement benefits.
I pay all my bills on time and pay more then the minimum on all of them including on my mortgage.
I can’t see why items from 3 yrs ago should still affect my credit since I have been making sure I pay everything beforeit is due and do not use more them 1/3 of my credit available.

Best answer:

Answer by healthspot_2000
If you are in Georgia, viagra 60mg contact me! I can help you out. Otherwise, price you have to need to call a mortgage broker in your state so they can shop around for you and give you the best rate. And not everyone has to pull your credit.

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Question by It’s a Girl!!! 5/18/10 🙂: Is it legal to have two FHA mortgages at once?
We were recently transferred 150 miles away for work. We owned a house but could not sell it and were advised to rent it for a couple years until the market came back up. We have rentors, viagra 100mg and are now living where we were transferred. The house was under a FHA mortgage, and now we are trying to buy a house over here. We will have to go with FHA again, since we only have the ability to put the 3.5% down. Is this going to pose a problem buying a new house since we already have an FHA mortgage back home?

Best answer:

Answer by David Z
FHA will not allow more than 1 outstanding loan at a time.

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4avg.rating 29 votes.

2 Comments

  1. FHA guidelines state that you can only have 1 FHA insured mortgage at a time, since the mortgages are for primary residences only. But, there are a couple of exceptions to that rule. The job transfer of 150 miles away is one of those exceptions. You should be able to get another FHA loan, as long as you qualify with both mortgage payments (or if you can prove a 2 year history of collecting rent through tax returns, then you can use the rent as income to offset the other mortgage)

  2. You could try for a different type of loan but I highly doubt you will qualify since you are in debt with your other house. Its best that you just rent a place until you can sell your home.