Posted by Stewart on August 02, 2003 at 09:08:17:
I thought I just read somewhere that you can only have one FHA loan at a time. Not sure about that though. But having one in your name and one in your wife’s name may be the way around that. Maybe someone else will chime in that knows better.
PLEASE READ: FHA problem? - Posted by Fauver
Posted by Fauver on August 01, 2003 at 13:39:56:
Okay, here’s the thing. We own a 4plex, which we live in, and plan to continue living in, but the rate is 9.25%. We have found a SFH we are buying. The 4plex is in my name. The SFH is going to be in my wifes name, just for income reasons. We are refinancing the 4plex FHA in my name. We are buying the SFH FHA also. The SFH is in need of lots of repair, and may take as much as one year before we can move in. I am refinancing the 4plex in my name, and am getting an FHA loan. Wife is purchasing SFH with FHA loan. Both have just completed appraisals. We live at the same address. Is there any reason why there will be a problem with these being financed? We just found out that both are going to be FHA. Any problems here? We will be living in the 4plex for about another year, and then moving into the SFH. Please let me know any obstacles we may run into, because my wife is supposed to sign on the SFH next week, and if everything goes okay, I will sign on the 4plex in about 2 weeks.