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Mortgages insured by the Federal Housing Administration are intended to finance loans for owner-occupied homes. Because you can live in only one primary home at a time, the FHA generally limits you to one FHA loan at a time, although there are exceptions. FHA-insured mortgages may not be used to acquire investment properties. To prevent the use of FHA loans to finance investment property, a person can have two FHA loans only in certain circumstances.Size
A growing family is one acceptable reason to obtain a second FHA loan. If the homeowner's family grows so much that his current home becomes too small, the homeowner may be allowed to buy a new home backed by the FHA and keep the first home as a rental property. The homeowner must be able to prove to the FHA that the family size has increased and the current home is no longer adequate.
Another exception to the single FHA mortgage rule comes into play if the homeowner moves to a new area not within commuting distance of the current home. The person can buy an FHA-insured home in the new location and keep her existing home as an investment property.
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