Home Buying in 17974>Question Details

Sassime40, Home Buyer in Lehighton, PA

Looking to purchase a second home with a FHA mortgage

Asked by Sassime40, Lehighton, PA Thu Nov 1, 2012

If I currently have a FHA loan on my home and wanted to purchase a second home for retirement is it possible to obtain a second FHA loan if I rent the first home? My primary home is a contemporary 3 level home with 3 sets of stairs about 7 seven stairs to each level. I have been diagnosed with rumatoid arthritis. It has become very difficult for me to go up and down the stairs so I am looking to purchase a home with only one level or just the bedrooms upstairs.

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The FHA mortgage programs are intended to promote home ownership for owner-occupants. Department of Housing and Urban Development (HUD) prohibits using FHA financing to purchase investment property homes. There is a limited set of circumstances where a homeowner with an FHA mortgage is allowed to have a second FHA insured home loan.
Click the link to read the exceptions.
Read more: Can I Have 2 FHA Loans at the Same Time? | eHow.com http://www.ehow.com/info_7742222_can-fha-loans-same-time.htm…
There may be other types of loans that fit your needs.
You can contact your lender to see your loan options, or contact me and I can put you in touch with lenders who do a variety of loans that may fit your needs.
Looking forward to hearing from you.
Wendy E. Knorr
Broker/Owner
REALTOR®, CRS, GRI, SRES, ABR, SFR, AHWD
President PA CRS Chapter
President Schuylkill County Board of REALTORS®
REALTY WORLD - We Get Results
107 W. Centre Street, Ashland, PA 17921
Office: 570-875-2045
1671 Long Run Rd., Schuylkill Haven, PA 17972
Office: 570-739-7277
Cell: 570-205-1995
Fax Toll-Free: 1-866-517-8996
http://www.GetaRealEstatePro.com
http://www.RealtyWorldGetsResults.com
wendyknorr@me.com
0 votes Thank Flag Link Thu Nov 1, 2012
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