Moving after refinance

If you plan to sell the first home, then it's not an issue.. If you plan on renting it out, then it could be an issue.. But it all falls under "Intent".. What was your intent when you did your refinance.. if you knew you were going to look for another home after the refinance, then your refinance transaction was Illegal. If your intent was to continue to live there as your primary residence, then you will be ok... for just about every lender on the planet, so long as the payments are paid on time, they won't really care one way or the other.. if a payment is missed or the home goes into foreclosure, you can be held liable.. (Assuming they can prove your intent was to refi and then buy something else).. If your current loan is an FHA loan, you cannot have 2 FHA loans in your scenario, so it would have to be paid off prior to the issuance of another FHA mortgage.. if your existing home is a conventional loan, then you can get an FHA loan as your primary.. Keep in mind that if your "intent" now is to rent the property.. Lenders might have a problem.. There is a strategy called "Buy and Bail" .. Where someone finds a home in their neighborhood that is priced below their current homes value, but is bigger and better.. So they tell the lender they are going to buy the new one and rent the old one, only to let it go back to the bank after they close on the new one.. so although this might not be your "Intent", the lenders will look very hard at your new loan... 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

There are no requirements you "stay in the home". There are requirements when obtaining a new loan, and there are also statements you've made to the lender about intent. Lenders will question your intent if you just refinanced the property as your primary residence and then magically found something new to buy. Lenders will believe you may have intended to do this all along and simple get a better rate as an owner occupied loan on the current house. So can you buy something else right now. Sure. Can you use FHA again? Maybe... But based on the limited information presented here, I'd say no as you do not appear to meet any of the two FHA loans at one time exceptions.

first , what loan type is your first home?? who was your bank?? linda

If you currently have an FHA loan on the property you are vacating, you will not be able to take out another FHA loan. You cannot have 2 FHA loans at one time. You can sell the property that you are vacating and purchase the new property with an FHA loan. You can also refinance the property that you are vacating out of an FHA loan and purchase the new property as an FHA loan.

You can have 2 FHA loans simultaneously as long as you have more than 25% equity in the one you are moving from or if you sell it. If you plan on keeping it and renting it out, you must have 25% equity and a good reason for moving (closer to work, better schools, better area, moving from a 2 fam to a single, etc.). You are not in any violation if you acted in good faith at the time of the refinance. Things happen and opportunities arise. If you have further questions, or are in need of a lender, feel free to contact me at 908-933-0253 ask for Peter. Or if you would like, you can email me: PBotros@OmegaLoans.net

There is no requirement that you stay in your home for a least one year. There are restrictions to obtaining a second FHA loan. Because some of the advice you have received is incorrect, I thought you would find the actual guidelines helpful. Here is the actual FHA guidelines:To prevent circumvention of the restrictions on FHA-insured mortgages to investors, FHA generally will not insure more than one principal residence mortgage for any borrower. FHA will not insure a mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be insured will be the only one owned using FHA mortgage insurance. Any person individually or jointly owning a home covered by an FHA insured mortgage in which ownership is maintained may not purchase another principal residence with FHA insurance, except in certain situations as described below:The table below describes the "exception" situations in which FHA does not object to borrowers obtaining multiple FHA-insured mortgages.Note: Considerations in determining the eligibility of a borrower for one of the exceptions in the table below include theo length of time the previous property was owned by the borrower, ando circumstances that compel the borrower to purchase another residence with an FHA-insured mortgage.Important: In all cases other than those listed below, the borrower is not eligible to acquire another FHA-insured mortgage until he/she has eithero paid off the FHA-insured mortgage on the previous residence, oro terminated ownership of that residence.Policy Exception Eligibility Requirements1. Relocation A borrower may be eligible to obtain another mortgage using FHA insurance, without being required to sell an existing propertycovered by an FHA-insured mortgage, if the borrower iso relocating, ando establishing residency in an area not within reasonable commuting distance from the current principal residence.If the borrower subsequently returns to the area where he/she owns a property with an FHA-insured mortgage, he/she is not required tore-establish primary residency in that property in order to be eligible for another FHA-insured mortgage.Note: The relocation need not be employer mandated to qualify for this exception.2. Increase in family sizeA borrower may be eligible for 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 evidenceo of the increase in dependents and the property's failure to meet family needs, ando the LTV ratio based on the outstanding mortgage balance and a current appraisal equals 75% or less. If it does not, the borrowermust pay the loan down to 75% LTV or less.Note: A current residential appraisal must be used to determine LTV compliance. Tax assessments and market analyses by realestate brokers are not acceptable proof of LTV compliance.3. Vacating a jointly owned propertyA borrower may be eligible for another FHA-insured mortgage if he/she is vacating a residence that will remain occupied by a co borrower.Example: An example of an acceptable situation is one in which there is a divorce and the vacating ex-spouse will purchase a newhome.4. Non-occupying co borrower: A borrower may be qualified for an FHA-insured mortgage on his/her own principal residence even if he/she is a non-occupying co borrower with a joint interest in a property being purchased by other family members as a principal residence with an FHA insured mortgage.Please call me at 888-407-1592 with any questions you have. My company provides mortgage loans in all 50 states.John DesmondBranch ManagerENG Lending888-407-1592

You should be able to buy another home but if you currently have an FHA loan you can not get another one. We do have conventional loans that only require a 3% down payment. Give me a call to discuss. 201-962-3555 Michelle