What are the rules on getting a second FHA loan?
An offer was made for a charming little bungalow that's great for a retirement home. It's located in the neighborhood where I grew up and settling down there would be a dream come true. My question is can I get a second FHA loan since the home is less than 100 miles from my current home? I'm not familiar with the guidelines and clarity would be much appreciated. TIA by jordan842 from Buffalo Creek, Colorado. Jan 30th 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Need more information. The basic rule is only one FHA loan at a time, and only your primary home. No second/vacation homes or investment properties. But there are a few exceptions. One being relocation due to a new job, documented increase in family size, divorce, and you both are on the loan, but the other party is keeping the home, and finally, the new home is more than 100 miles from the current home. I lend for FHA, and most other loans in MN IA ND SD and Wi. Find me at JoeMetzler.com | Cambria Mortgage | NMLS 274132
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
you likely will not be able to use another FHA loan if your present loan on present home is also a FHA loan ....are you planning to buy the new home before selling or renting the present home ? if so - your best bet will be to buy it as a " vacation home " or even as a rental home ...these rates will be higher ..... Buying it as a primary home is possible with a conventional loan and also the income / employment used will need to make sense for the location the home is - thanks -I am licensed in WA state . Find me at dave.skow@movement.com or 206 714 9745 | Movement Mortgage | NMLS 278613....let me know if you would like a referral to a loan officer in your location
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