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Did you know that one person can have two FHA loans?
We're going through a mortgage crash course with trying to get preapproval to offer on a house in MT. It's very informative and I just learned that you can have 2 FHA loans at the same time if the following is approved by an underwriter:
"There must be an increase in family size in which their current house can't support the new family member(s)."
or
"the houses aren't in reasonable distance from their current property."
Isn't that crazy? I guess b/c I was 'transferred' by my company to a far-off distance, but still have an FHA loan on our CO house that we might quaify for another FHA loan. The increase in family size seems weird b/c that is usually your "choice" to increase your family size, but maybe if you end up with octuplets or take-in/adopt other family members it would allow you to upgrade your house and get another FHA loan. Hmmm...the mortgage world is not so black and white!
Are you united with the CCOKCs?
Re: Did you know that one person can have two FHA loans?