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Angela York
5 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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Best Expert Answer
Joe Wallace... Answered 321 more questions
5 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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A Curious User
2 years 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
2 years 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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A Curious User
2 years 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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Brian G
15 days ago
I owner occupy a Duplex that I purchased using my VA Loan. I'd like to now use an FHA Loan to buy a Triplex. Based on what I am charging my tenant I am extremely confident that I will be able to get that same amount as rent from another tenant when I move out of that unit. Problem is a "well meaning friend" has told me that I can't count the potential rental income of that unit unless I purchase a triplex that's at least 100 miles away!

I can see if i already had an FHA Loan and I was trying to get another FHA loan on top of that where this restriction would come in, but I don't have an FHA Loan?

Can anyone verify this, perhaps with a link?
I owner occupy a Duplex that I purchased using my VA Loan. I'd like to now use an FHA Loan to buy a Triplex. Based on what I am charging my tenant I am extremely confident that I will be able to get that same amount as rent from another tenant... (more)
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My partner and I (not married) purchased a home earlier this year in California with an FHA loan (under my name). We would like to have joint ownership of the home on paper, but for credit reasons we chose to secure the loan under my name. We were told that we could simply fill out a quitclaim deed after the loan closed, but I am getting conflicting information about whether or not this is possible with an FHA loan. How should I go about adding him to the title? Thanks!
My partner and I (not married) purchased a home earlier this year in California with an FHA loan (under my name). We would like to have joint ownership of the home on paper, but for credit reasons we chose to secure the loan under my name. We were... (more)
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