I have my home under Land Contract, and we now have 5 kids, can we get a second FHA Loan?

Enter your answer hereTypically "Land Contracts" are NOT FHA loans, but private party financing transactions where the financing is done by the seller. Also, with most land contracts, the title to the property stays in the name of the seller until the final payment is paid. If this is the case in your situation, then you do not have an FHA loan and you should be able to use FHA to purchase a primary residence. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

In general, you can use FHA financing more than once, you just cannot have more than 1 FHA loan at a time, (with very few exceptions).. However if you have an FHA loan now and that's the property you sold on a land contract, you might be in jeopardy of your note being accelerated. Under FHA guidelines, you cannot transfer title of that property without paying off the full amount. If your property you just sold under a land contract was not an FHA loan, and you don't have any other OPEN FHA loans, then yes, you can get another one.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Only can have one FHA loan out at a time, as far as I know

You can apply for another FHA mortgage as long as you are not currently obligated on one. I assume since you have sold your home, that you currently do not have a mortgage. I would advise you to contact your local lender, they will be able to help you out. Godd Luck!

FHA does allow for up to 2 properties. I would be more then happy to help you with this loan. Please contact me on my cell at 614-266-0304 or by email at chrismylin@gmail.com

You can only have one FHA loan at a time.