"But doesnt the owner need to have 25% equity in the 1st home to take out a second FHA loan?"
The answer is no. One only need have 25% ... more
Thanks for your question.
You can rent or sell your home if you like after 1 year of ownership with an FHA mortgage. You can only have 1 FHA mortgage at this time ... more
"A non-occupying borrower transaction involves two or more borrowers
where one or more of the borr ... more
Sorry, but the answer is one year as stated previously. Since you are in AZ and the southwest was hit hard by this downturn, I would be careful not to test the FHA rule. You ... more
Check with another Mortgage consultant.