+1 vote
Is there a distance factor when moving further away from your current employment and keeping your current residence as a rental?
asked Mar 15, 2018 in Conventional Loans by anonymous

1 Answer

0 votes
If you want to have 2 FHA LOANS at the same time, you need to have a job relocation that is 100 miles or more from current residence. If you have a conventional loan, you can qualify for another owner occupied conventional loan or FHA LOAN as owner occupied if the deal makes sense with no mileage restrictions.  Example, if you are currently living in a condo and need to upsize to a single family home due to growing family, you can buy a single family home  down the street and qualify for owner occupant financing. ON the flipside, if you are exiting a single family home to a condominium due to down sizing, you can buy a CONDO down the street and qualify for owner occupant home purchase financing. If you currently have FHA LOAN on exiting property, you need to purchase second owner occupant home purchase conventional.  You can refinance exiting home as conventional investment loan and purchase second owner occupant home purchase FHA  You can use 75% of potential rental income on exiting property as qualified income if you have 25% equity.

Gustan Cho NMLS 873293
Branch Manager
USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262
The Gustan Cho Team at USA MORTGAGE
Email gcho@usa-mortgage.com
Website www.gustancho.com
answered Mar 15, 2018 by GustanCho (106,540 points)

Welcome to The Mortgage Reports Q&A Forum. Have your questions answered by experienced mortgage and real estate professionals.
515 questions
662 answers
883 users