Hello, I have an FHA related question from 49er country

He would need to occupy the new property, and one of the following conditions would need to be met...A. Relocations. If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by an FHA-insured mortgage. The relocation need not be employer mandated to qualify for this exception. Further, if the borrower returns to an area where he or she owns a property with an FHA-insured mortgage, it is not required that the borrower re-establish primary residency in that property in order to be eligible for another FHA insured mortgage. B. Increase in Family Size. The borrower may be permitted to obtain another home with an FHA-insured mortgage if the number of legal dependents increases to the point that the present house no longer meets the family's needs. The borrower must provide satisfactory evidence of the increase in dependents and the property's failure to meet the family's needs. The borrower also must pay down the outstanding FHA mortgage (secondary liens do not need to be paid off or paid down) on the present property to a 75 percent or lower loan-to-value (LTV) ratio. A current residential appraisal must be used to determine LTV compliance. Tax assessments, market analyses by real estate brokers, etc., are not acceptable as proof of LTV compliance. C. Vacating a Jointly Owned Property. If the borrower is vacating a residence that will remain occupied by a co-borrower, the borrower is permitted to obtain another FHA-insured mortgage. Acceptable situations include instances of divorce, after which the vacating ex-spouse will purchase a new home, or one of the co-borrowers will vacate the existing property. D. Non-Occupying Co-Borrower. A non-occupying co-borrower on property being purchased with an FHA-insured mortgage as a principal residence by other family members may have a joint interest in that property as well as in a principal residence of their own with an FHA-insured mortgage. (See HUD Handbook 4155.1 for additional information). Under no circumstances may investors use the exceptions described above to circumvent FHA's ban on loans to private investors and acquire rental properties through purportedly purchasing "principal residences".I can fill you in with further details if needed, at jteitel@castlecookemortgage.comthank you,Jason Teitel

Yes.. but how much you borrow would be dependent on when you purchased the home.. this is right off of HUD.gov's website.. REFINANCE: Based on the lesser of: 1. The existing debt on the property before rehabilitation, plus the estimated cost of rehabilitation and allowable closing costs or 2. The lesser of the As-Is value plus rehabilitation costs or 110 percent of the After-Improved value multiplied by the appropriate LTV factor. NOTE: If the property was owned less than one year, the acquisition cost plus the documented rehabilitation costs must be used. If the property is a condominium, the after-improved value is limited to 100% for refinance and purchase transactions. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

We do 203K FHA loans both streamline and full 203ks here in the S.F. Bay area.We are 7th in tne nation last year in funding FHA loans as a direct lender. I can go to the same amount on LTV as with a standard FHA loan. The LTV is determinedafter contractor estimates accepted and included in the determination of value.If it is your primary home we can likely do a 203k FHA loan. Larry Gray,lgray@clrloans.com, division of PRMI; www.myclearhomeloan.com

You can get a 203K rehab loan on your home even if you have an FHA loan currently. The typical maximum LTV is 97.75%.Martin MesaPresident & BrokerRate One Financial, Inc.150 E. Colorado Blvd., Ste. 215Pasadena, CA 91105818.284.6480 ext. 103 Office626.389.1763 eFax626.585.9200 Main Faxwww.rateonefinancial.com

Ok.. so your question is a bit confusing.. If you are asking about taking your existing home and doing a 203K rehab loan on it, then my response above is correct.. if your talking about being able to get a 2nd home without paying off the existing FHA loan, then in most cases, the answer would be NO.. Even though FHA allows it for a very limited scenarios, most lenders have their own set of rules, and very, very few would allow it regardless of FHA guidelines. You would have to sell your existing home or pay it off prior to purchasing another home with FHA.. .. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sure as long as all the details work. There are actually conventional renovation loan/mortgage options that are often a better choice for stronger borrowers and where the loan will not exceed 95% of the value of the home after the improvements meing made. I can help: pdumouchel@primelending.com