We were recently transferred 150 miles away for work. We owned a house but could not sell it and were advised to rent it for a couple years until the market came back up. We have rentors, and are now living where we were transferred. The house was under a FHA mortgage, and now we are trying to buy a house over here. We will have to go with FHA again, since we only have the ability to put the 3.5% down. Is this going to pose a problem buying a new house since we already have an FHA mortgage back home?
As Arbor said you fall under one of the few exceptions to having more than 1 FHA mortgage at a time. What she didn’t mention is that this exception also applies to the rental income history. In the event of a job transfer, a lease agreement may be used to document the rental income.
You can read more about this by going to the url listed below.
http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/
FHA will not allow more than 1 outstanding loan at a time.
References :
FHA guidelines state that you can only have 1 FHA insured mortgage at a time, since the mortgages are for primary residences only. But, there are a couple of exceptions to that rule. The job transfer of 150 miles away is one of those exceptions. You should be able to get another FHA loan, as long as you qualify with both mortgage payments (or if you can prove a 2 year history of collecting rent through tax returns, then you can use the rent as income to offset the other mortgage)
References :
Mortgage lender
You could try for a different type of loan but I highly doubt you will qualify since you are in debt with your other house. Its best that you just rent a place until you can sell your home.
References :
As Arbor said you fall under one of the few exceptions to having more than 1 FHA mortgage at a time. What she didn’t mention is that this exception also applies to the rental income history. In the event of a job transfer, a lease agreement may be used to document the rental income.
You can read more about this by going to the url listed below.
http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/
References :
I’m a mortgage banker/broker