is it true i can get a second mortgage FHA and rent out my current home (conventional)

Ok.. so just to be clear.. in most circumstances, you cannot have 2 FHA loan's at the same time.. you can have 2 mortgages, one being FHA and the other conventional.. but not 2 FHA's.. There are specific guidelines in place when it comes to renting out your current primary, and purchasing a new home.. Also, FHA has maximum loan limits which could put you over that if your looking to stay in Scottsdale. So to answer your question, it's possible you can go FHA, but I would need more details to advise you properly.. if you would like, just give me a call and I would be happy to look at your complete scenario and let you know what your options would be.. 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

As you asked your question, yes. Having an existing conventional mortgage does not disqualify you from obtaining an FHA loan to purchase a new Primary residence. FHA will require you to qualify for both mortgage and will not allow you to include any potential rent you may collect from the home you are leaving (and renting out). FHA is a good source for mortgage money for first time homebuyers, but you do not have to be a first time buyer to qualify. You will want to work with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. But more importantly, we are trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ 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 as long as your new home is going to be your primary residence and the loan amount is less than $346,500 in Maricopa county you are fine. Please give me a call at your convenience.Jill BeilerOperations ManagerArizona Wholesale Mortgage Inc.602-358-8717NMLS Id: 168270

Hi Greg, You can use FHA to purchase your new home and rent out your current home. However, if you need the rent on your current home in order to qualify for the new mortgage you must have a certain amount of equity in your current home. Make sure you go with a lender that proceeds carefully and understands all aspects of what you are trying to do. If you need additional help, advice, or want a comparison rate quote you can email me at rhanson@gladewaternational.com or phone me direct at 240-752-7549. Good luck! -Rob Hanson

Use FHA for your purchase, and rent your other house.