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Angela York
7 months 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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Joe Wallace
7 months 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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