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#394137 - 11/07/11 05:40 PM Buyer trying to get two FHA loans at the same time?
Cool guy Offline
Major Contributor

Registered: 06/30/04
Posts: 2176
Loc: California
So about a month ago a buyer had his offer accepted on a listing of mine and is closing on an FHA loan. About a week ago this same buyer made another offer on a property of mine and his offer was accepted. Just to find out through a different lender, he has started the loan process and it's an FHA.

Aren't you only allowed one FHA loan. The houses are less than five miles apart from each other. I don't see what kind of exception he may get in order to allow for two fha loans.

Edit: And it's through a different bank so I'm thinking they are not aware on his previous property he is about to close on.


Edited by Cool guy (11/07/11 05:42 PM)

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#394139 - 11/07/11 05:49 PM Re: Buyer trying to get two FHA loans at the same time? [Re: Cool guy]
Alabama Homes Offline
Member

Registered: 06/05/11
Posts: 146
Loc: Alabama
There will not be one unless he is buying for a child or something once the lender tries to order case number, you will know the whole situation.
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#404026 - 03/27/12 03:55 AM Re: Buyer trying to get two FHA loans at the same time? [Re: Cool guy]
CRESTICO Offline
Junior Member

Registered: 03/27/12
Posts: 3
Loc: Los Angeles, CA
I highly doubt he can get the 2nd purchase completed under his name. Once you have been issued an FHA loan, the social security number is in the FHA system and if you try to get a new FHA loan they will find out even if you try to go through a different lender/broker. as a [url=http://www.crestico.com]Mortgage Home Loan Broker in Los Angeles[/url] mortgage broker in los angeles that does FHA loans on a weekly basis i can assure you his 2nd loan is not going to get approved through FHA unless he is co-signing as a non-occupying co-borrower but if the purchase contract is only under his name then that is not going to work either.

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#404536 - 04/06/12 01:36 AM Re: Buyer trying to get two FHA loans at the same time? [Re: Cool guy]
Lending Bee Offline
Member

Registered: 06/23/08
Posts: 16
Loc: Los Angeles, CA
The buyer can co-sign for someone as a non-occupant co-borrower. That would be the only way.

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#426443 - 07/28/13 07:10 PM Re: Buyer trying to get two FHA loans at the same time? [Re: Cool guy]
fsna.heidi Offline
Member

Registered: 02/05/13
Posts: 41
Loc: USA
Having two FHA loans is not possible if both is under one name. But if the borrower is only a co-signer it the second loan this it is possible to have two loans.

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#427201 - 08/15/13 05:27 PM Re: Buyer trying to get two FHA loans at the same time? [Re: fsna.heidi]
jsteinhomes Offline
Member

Registered: 01/18/11
Posts: 278
Loc: Montgomery County, PA
Best to find out all of the facts. If in fact he is trying to purchase two on his own, there is no way the second one will fly. I smell a fraud investigation in his future.

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