Home Buying in Hamilton>Question Details

Loanseeker, Home Buyer in Hamilton, NJ

I owe a condo that I am renting out. Am looking to buy a second home that needs some rehabilitation. Can I?

Asked by Loanseeker, Hamilton, NJ Tue May 12, 2009

have a FHA loan with my condo and get a 203k Rehab loan for the second home that will be my primary residence?

Help the community by answering this question:

Answers

3
It may be possible to buy a second home through FHa but there are certain circumstances that need to be met. Under new guidelines you may be eligible for an FHA loan if you had a change in family size or situation that would provide a need to move into a larger home than the one that you currently own. With property value's lower in many areas they are not always requiring you to sell the first home and may allow it to be rented out. I am a real estate agent and I recently was involved in this type of scenario personally and a mortgage rep that I work with regularly found this opportunity in the new FHA guidelines that allowed this. If you want my mortgage reps contact info feel free to contact me.

FHA guidelines change frequently...
0 votes Thank Flag Link Sun Jul 19, 2009
I need a little more information. Do you PLAN to rent the condo or is it being rented NOW? If you not living in your condo are you renting somewhere? FHA has stipulations just as Ruth says below. There are additional stipulations that will apply. answer my question and I will get you the details you need.
0 votes Thank Flag Link Sun May 31, 2009
The condo will need to be refinanced into a conventional loan unless you are moving more than 50 miles for a job relocation or you are a nonowner occupant cosigner on the condo ... there are a few other complications including the fannie Mae "buy and bail" stiplulations. Best to call and we can go over the details since this is too complex to give a simple answer on Trulia.
Ruth Bonapace
Mortgage Lender
201 741 5269
ruthbonapace@gmail.com
0 votes Thank Flag Link Wed May 13, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer