You can only have 1 FHA loan at a time.
FALSE!
FHA regulations say that you can have more than 1 FHA loan at a time if:
1) The first property has 25% equity, you are keeping that property, and moving to a new home. Of course the “why” you are moving to a new home for owner-occupancy is still looked at.
2) Your family has outgrown the house in number (maybe you were single when you bought your condo and now you have a husband and 2 kids in a 1 bedroom condo).
3) Your job relocated you to another area that is now un-drivable (rule of thumb is 75 miles but LA could be 50 miles or calculated in time).
So, if you or your client is looking to buy a new home with FHA financing, have them call me and we can see if this would work.