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I have an FHA loan in one city and I work from a home office which would allow me to work from anywhere there is an internet connection. We would like to move 250 miles away to be near elderly parents. The FHA guidelines indicate that you can have a second FHA mortgage if you are relocating and establishing residency outside a reasonable commuting distance. [url]https://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_4_secB.pdf[/url]
I'm being told that I can't get a second FHA loan because my relocation is not due to a change of employers. The guidelines in the link above indicate "Note: The relocation need not be employer-mandated to qualify
for this exception"
Has anyone been able to really apply this Note and get a second FHA loan? I asked my loan officer what type of situation would this note apply to if not mine, but no one seems to want to answer that question and simply say "it has to be because of a job change or the company moving your job to another location."
I have an FHA loan in one city and I work from a home office which would allow me to work from anywhere there is an internet connection. We would like to move 250 miles away to be near elderly parents. The FHA guidelines indicate that you can have a second FHA mortgage if you are relocating and establishing residency outside a reasonable commuting distance. https://portal.hud.gov/hudportal/doc...5-1_4_secB.pdf
I'm being told that I can't get a second FHA loan because my relocation is not due to a change of employers. The guidelines in the link above indicate "Note: The relocation need not be employer-mandated to qualify
for this exception"
Has anyone been able to really apply this Note and get a second FHA loan? I asked my loan officer what type of situation would this note apply to if not mine, but no one seems to want to answer that question and simply say "it has to be because of a job change or the company moving your job to another location."
Are you sure you need a FHA loan on the new place? 3.5% down FHA vs. 5% down on a conventional is not much of a difference.
I have an FHA loan in one city and I work from a home office which would allow me to work from anywhere there is an internet connection. We would like to move 250 miles away to be near elderly parents. The FHA guidelines indicate that you can have a second FHA mortgage if you are relocating and establishing residency outside a reasonable commuting distance. https://portal.hud.gov/hudportal/doc...5-1_4_secB.pdf
I'm being told that I can't get a second FHA loan because my relocation is not due to a change of employers. The guidelines in the link above indicate "Note: The relocation need not be employer-mandated to qualify
for this exception"
Has anyone been able to really apply this Note and get a second FHA loan? I asked my loan officer what type of situation would this note apply to if not mine, but no one seems to want to answer that question and simply say "it has to be because of a job change or the company moving your job to another location."
The reason for the move is no longer very important because FHA changed the guidelines last year to require a minimum of 25% equity in the property you're vacating in order to be eligible for a 2nd FHA loan. So the question is, do you have 25% equity in your current home? The next question is, do you intend to keep the home & convert it to rental?
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