There is no limit to the number of FHA loans that a borrower can have at one time. However, the FHA does have loan limits, which are the maximum loan amount that the FHA will insure. These loan limits vary by county and are based on median home prices in the area. For example, in 2021, the FHA loan limit for a single-family home in a low-cost area is $356,362, while the loan limit for a high-cost area is $822,375.
Additionally, the FHA has rules in place to prevent borrowers from taking on more debt than they can handle. For example, the FHA requires that borrowers have a debt-to-income (DTI) ratio of no more than 43% in order to qualify for an FHA loan. This means that your monthly debt payments, including your mortgage payments, should not exceed 43% of your gross monthly income.
If you already have an FHA loan and are considering taking out another one, you’ll need to consider how the additional loan will affect your DTI ratio and financial stability. It’s generally a good idea to speak with a mortgage lender or financial advisor before taking on any additional debt.