Financing in Austin>Question Details

Timothy_mast…, Real Estate Pro in Nashville, TN

moved to TX w/ my job.The previous house just rented & is a VA loan. I want to use FHA for new house.Will new FHA rental income reg's still?

Asked by Timothy_masters, Nashville, TN Fri Jun 10, 2011

apply? I really want to know will I have to meet FHA rental income guidelines , ie; 25% in equity in the rental house (which I only have 11%) since the first loan was VA and the 2nd is FHA. Not sure if the requirement is when you try to get two FHA loans or not. 2nd question- If I still need to meet this requirement and was transferred with my employer, do I still need to meet that 25% equity requirement also? I do have 6 months rent reserve in the bank and proof of 1st months rent/security deposit. 3rd question- what evidence do I need to show that I was transferred to another state with my job? It wasn't really a forced transfer but recommended by my mgr- just not sure of what evidence would need to be required

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Shane Milne’s answer
You are welcome, if you need help let me know, I know of a great loan officer in Texas who can help out with this but I won't be spamming Trulia with info.
0 votes Thank Flag Link Sat Jun 11, 2011
Perfect! Thanks so much Shane!!
0 votes Thank Flag Link Sat Jun 11, 2011
If you are relocating (doesn't have to be mandatory) then in order to use rental income on a vacating primary residence the 25% equity requirement isn't needed. It's an "either/or" thing, don't have to have both.

http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?addr… is the official guideline.

Keep in mind to document the rental income you'll need a signed lease agreement with at least 1 year's duration on the agreement after the loan is closed, as well as evidence the security deposit and/or 1st months rent has been paid (cancelled check from tenant + your bank statement showing the funds going in).

To document the transfer you'd just need to get a letter from your HR stating you transferred from X location to Y location on Z date.
0 votes Thank Flag Link Sat Jun 11, 2011
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