can we buy 2nd house with FHA guaranteed mortgage.?

We are in the military stationed in Japan. We rent our house out in FL. We are going to be sent to VA. next and want to try and buy another house, instead of renting. The only way we could get enough money is for a house here is if we did an FHA backed mortgage - but I am not sure if you can buy a house if we already have one. The house in FL. is a VA. guaranteed mortgage. We have good credit.

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  • 1 decade ago
    Best Answer

    If you will be an owner occupant, yes. You are allowed to have only one FHA mortgage at a time. VA is a separate program and should not pose a problem.

    Source(s): Mortgage originator, Real estate broker
  • Anonymous
    1 decade ago

    I don't think so, FHA loans are designed for first time home buyers. Just apply for a standard mortgage.

  • 1 decade ago

    you can have as many mortgages as you want....as long as your credit is good.....and you can also apply for another VA loan....check with the military adviser on Base and they will direct you to a loan office on base. I t will save you closing fees if your active duty.

  • holt
    Lv 4
    3 years ago

    pass with the FHA rolling your remaining expenditures into the non-public loan is ridiculous. Your including too lots debt with one hundred% very own loan and no way will the month-to-month fee with pastime, concept, taxes and assurance be under 780

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  • Tony D
    Lv 5
    1 decade ago

    You're in great shape. Just use your V.A. eligibility for the new home purchase. You can do that with almost no money at all. And you have good credit? The sellers will welcome you with open arms!

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