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Angela York
a month ago
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my Nashville home?
 
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Best Expert Answer
Joe Wallace... Answered 295 more questions
a month ago
FHA loan rules in HUD 4000.1 state, "A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the Borrower is:
-relocating or has relocated for an employment-related reason; and
-establishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.

If the Borrower moves back to the original area, the Borrower is not required to live in the original house and may obtain a new FHA-insured Mortgage on a new Principal Residence, provided the relocation meets the two requirements above."
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A Curious User
a year ago
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to... (more)
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A Curious User
a year ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
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1.2k
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A Curious User
a year ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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Dan Doherty
4 days ago
My daughter and son-in-law have a house they want to bid on but the outside siding has some peeling paint. I believe it is wood siding. Estimate $3000.00 to repainted. Will that disqualify them for a FHA loan?
Credit scores are 800 plus. She's a nurse/mom and he has a job with USDA
Thank yo
My daughter and son-in-law have a house they want to bid on but the outside siding has some peeling paint. I believe it is wood siding. Estimate $3000.00 to repainted. Will that disqualify them for a FHA loan?
Credit scores are 800 plus. She's a... (more)
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James Hage
8 days ago
I've owned the condo for 2 years and have $15,000-$20,000 equity on it.
I've owned the condo for 2 years and have $15,000-$20,000 equity on it.
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