We have an FHA loan. What are the rules for us wanting to buy a home and sell our FHA funded home?
Can we have two properties at the same time? What if we could purchase a plot of land without a loan while still having the FHA home?
Tags: funded, home, loan., Rules., sell, Wanting
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on Saturday, May 29th, 2010 at 9:23 am and is filed under Mortgage News.
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May 29th, 2010 at 9:51 am
it frowned upon but not impossible to have 2 fha insured loans at 1 time. The rule is having to move for a job and purchasing there or you have simply out grown the old home with the addition of dependents. The square feet must go up a bunch to this so you cannot buy a 1500 sft home and still have a 1450 sft home. You will also need to budget with the second home or have at least 30% equity in the first home to have any lease off set the payment in any way
I am a mortgage banker in TN