Unfortunately FHA updated their guidelines last year to make it more difficult for people to have more than one FHA mortgage at a time.
Here's what I mean. FHA now requires that you have 25% equity in the home that already has the FHA mortgage on it in order to be eligible for a 2nd FHA mortgage.
Prior to this change, FHA didn't have the 25% equity requirement as long as you were moving at least 100 miles away from the current home for work or to find work.
If you're going to sell your home in California & you want to buy a new home here in Texas you can apply for a new FHA mortgage & it's no big deal.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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