Can we legally buy another house to live in if we just refinanced

Yes, you should wait. When you signed the refinance papers, one of the documents you signed was an affidavit of occupancy. With this document, you are committing to occupy the home within a certain number of days (most say within 60 days) and will occupy the home as your primary residence for a period of at least one year. There are documented cases where lenders have threatened homeowners with default, demands for pay-off, demands to refinance at higher non-owner occupied rates and terms, and I know of at least one case where the lender has filed suit and turned the file over to the FBI Fraud task force because the borrower moved out within 60 days of refinancing. If you can wait until you are 10-11 months into it, you should be ok, but doing it this soon is only asking for trouble. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

YES, but no. You have to understand there are owner occupied loans, and investment loans. Do to the higher risk of investment loans, the rules are more restrictive, and the interest rates are higher. Many people, knowing this, attempt to finance an investment property as an owner occupied property. When you just refinanced, you signed documents stating the home was owner occupied. Immediately buying something else and turning this one into a rental is likely to result in the question of fraud being asked. Occupancy fraud is high on the FBI housing/mortgage fraud list. Most mortgage documents on the other hand say you can let the home become a rental after one year. It's your gamble, but I'd strongly suggest you wait one year.

The bigger issue is you can not have 2 FHA owner-occupied loans, so you may need to use 20% down conventional, and your income will need to cover both loans. Look for an owner-financed property.

You are allowed to purchase as many properties as you wish.Refinancing does not have limitations on property purchase.Your ability to purchase more properties would be based on DTI (Debt to Income), and your down payment, because you already have a home you would probably qualify for a conventional loan which would require up to 20% instead of 5%. It is possible to get lower than 20% down on a house, different lenders have different criteria.

Legally yes you can buy another home to live in.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

You can buy another home anytime you would like to go forward with a purchase.

I would be careful about vacating your current home so soon after your refinance. This is because you certified on your refinance application and the closing documents that you will occupy the property for a minimum of 12 months. To convert it to a rental before this time would alert the lender who would possibly require you to refinance it as a conventional investment property or, at an extreme, the lender could call your loan due.

You can purchase a new home anytime that you choose. With that being said, the FHA loan that you just refinanced may have to be refinanced again as a investment property due to the recent refinance being less than 12 months. ( Investment refinances you will need20% equity or bring that difference to closing) - If you do wait the 12 months, then you could do a conforming purchase with a min.of 5%down. You would have to obtain mortgage insurance. There will be some lenders that will require 12 months reserves due to therisk. Inbox me for more information