Discharged FHA

[IllBeDamned]

Most people can only have 1 open FHA loan at a time.

My question:

Does a discharged FHA loan that is not reaffirmed but still being paid count as an open FHA loan?

[justbroke]

Yes. The discharge only removed your personal responsibility to pay. A discharge actually gets rid of neither the promissory note nor the mortgage or deed or trust.

Worse, if you don't pay an FHA or other GSE loan, you'll end up in CAIVRS which will make obtaining a future loan difficult.

[IllBeDamned]

I am current on the mortgage and plan on keeping the property. I was hoping that 2 years after discharge I would be able to buy another property using a FHA loan instead of waiting 4 years for a conventional.

[justbroke]

If you keep paying then you shouldn't end up in CAIVRS and should be eligible to buy another home. There are restrictions, as you know, on having more than one active (outstanding) FHA loan. The income and DTI requirements may prove difficult.

So you will have an "open" FHA loan at the time you apply for a second FHA loan. You will need to meet the exceptions (such as job relocation over a certain distance). I was trying a relocation issue for school but it ws less than 100 miles so the exception didn't work for me.