Written By: Tracey Rumsey, MortgageCurrentcy.com
Stop me if you've heard this one...a loan officer walks into a real estate office and overhears a bunch of real estate agents talking FHA loans. Evidently, a borrower had a previous FHA loan and the agent just found out that the loan had been denied because of this reason.
Which begs the question...can a borrower have more than one FHA loan at a time?
The answer is YES! A borrower can have more than one FHA loan. There are four common scenarios under the current FHA rules and regulations where this can happen.
If you or your company are approved FHA lenders (or are going thru the process right now) you need to know about these exceptions! In fact, we have created a MortgageTalkingPointsTM flyer for you to distribute to your agents.
Here are the 4 exceptions along with the Mortgagee Letter in case you need to prove it to the underwriter!
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