I purchase a home in December of 2008 FHA, I would like to buy a bigger home, Can I still finanace FHA?

Jose
Other/Just Looking
Riverside County, CA

Answers (2)
Steve Ornellas:...
Broker
Fremont, CA

Hi Jose, yes and no.

FHA is not for "investors", meaning, that you can normally have no more than one FHA loan at a time; however, there are exceptions:

1) Relocations. Relocations. If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by a FHA-insured mortgage.

2) Vacating a Jointly Owned Property. If the borrower is vacating a residence that will remain occupied by a co-borrower, the borrower is permitted to obtain another FHA-insured mortgage.

3) Non-Occupying Co-Borrower. A non-occupying co-borrower on property being purchased with an FHA-insured mortgage as a principal residence by other family members may have a joint interest in that property as well as in a principal residence of their own with a FHA-insured mortgage.

4) Increase in Family Size. The borrower may be permitted to obtain another home with an FHA-insured mortgage if the number of legal dependents increases to the point that the present house no longer meets the family's needs.

Let me know if you need a referral for an FHA Loan Specialist.

Best, Steve

Mon Jul 6 2009, 16:37
Bob McClure- Mo...
Mortgage Broker
or Lender

48170
FIRST ANSWER

good afternoon..the only way you could go fha again is to pay off the existing fha loan ....you can only have one fha loan at a time........they are intended for owner occupants....but, there are two exceptions......job transfer that can be documented, and a larger family than your current home will handle....best of luck to you...bob mcclure- success mortgage partners- plymouth, michigan.......

Mon Jul 6 2009, 16:32

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