FHA loans. Taking over a property Sub2. - Posted by Paul

Real Estate Investing Real Estate Financing
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Posted by DJ-nyc on April 23, 2007 at 12:44:37:

Tom,

Can you email me where you got that information? Is it www.hud.gov?

Thanks,

DJ-nyc

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FHA loans. Taking over a property Sub2. - Posted by Paul

Posted by Paul on April 18, 2007 at 22:35:21:

My partner and I are looking at taking over a property Sub2. The current owner has an FHA loan and they would like to use FHA to move into their next home. My understanding is that two FHA loans are not allowed by a single homeowner. If my partner and I were to have the homeowner put the current FHA loan into a land trust or LLC, would that allow the homeowner to then go out and get another FHA loan?

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Re: FHA loans. Taking over a property Sub2. - Posted by Tom Resner

Posted by Tom Resner on April 20, 2007 at 11:11:55:

FHA guidelines state your party may get another FHA loan as long as the LTV on the previous FHA loan is 75% or less.

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Re: FHA loans. Taking over a property Sub2. - Posted by DJ-nyc

Posted by DJ-nyc on April 19, 2007 at 12:25:30:

Paul,

Nope. You may want to refinance out of the FHA loan and then borrower can do another one.

peace,

DJ-nyc