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Can you have two FHA loans in your name at one time?

I have a house in myself and my husbands name. We are currently separated and talking about going our separate ways. I moved out and was trying to buy a modular home for me and my children. I went to a home center and the first question I asked was " Is my loan I have already going to be a problem with me getting a home from them". She told me "No". So I put down money and got them everything they needed. The week I was suppose to close, they tell me not only am I not going to get the home, but they are keeping some of my down payment.
  • June 17 2010 - US
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Answers (3)

Yes i agree with James.  Within your purchase contract, if you have already passed deadlines and cleared loan contingencies to buy, you have released your deposit and do not have the right to it.

However, your lender can be held liable for the loss due to incompetence and lack of communication.  They should have told you from day 1 that your multiple FHA loans may cause denial of the loan.  

  • June 18 2010
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I would read your purchase contract very carefully. If you can't close on the deal, through no fault of your own, I'm not sure they would be allowed to keep any of your down payment.  If it's not spelled out in writing somewhere, my opinion would be that they can't. I would seek legal counsel to be sure.
  • June 18 2010
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Yes the loan can be done under certain circumstances, this seems like one.  Please call me for assistance.

Thanks,

Adam
  • June 17 2010
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