Will I have to refinance my current FHA loan (insurance, property tax, credit score)

[braindead0]

Moving out of state, Current FHA loan has about a 40% LTV ($38k in principle, house last appraised $75k).

House we'd be buying will be under $150k, 20% down. My credit (TU credit score 873 or better now) and income would easily allow for $300k so paying for both mortgages while the first house is on the market will be easy.

Just wondering if there are some rules that will come into play requiring me to convert the FHA into a traditional mortgage.

Thanks!

[SmartMoney]

No, not at all. Why would you think that? You're fine.

[chet everett]

Technically it is not the norm to have multiple mortgages each set-up as owner occupied / primary residence. That said the bigger issue may be what your longer term plans are -- if you intend to use the first home as an investment property you will need to change insurance too. Even if it going to just ne unoccupied you need to inform insurer. If you have a property tax system that gives residents some exemption that would change too...

[braindead0]

Originally Posted by SmartMoney

No, not at all. Why would you think that? You're fine.

Well, when you get the gubmint involved...can't be too sure.

Originally Posted by chet everett

Technically it is not the norm to have multiple mortgages each set-up as owner occupied / primary residence. That said the bigger issue may be what your longer term plans are -- if you intend to use the first home as an investment property you will need to change insurance too. Even if it going to just ne unoccupied you need to inform insurer. If you have a property tax system that gives residents some exemption that would change too...

The old house will be sold, thanks for the reminder on notifying the insurer.. Luckily I've got a good neighbor who works odd hours (security guard at the local hospital) so I shouldn't have to worry much about the copper thieves (hopefully)..

I'm really hoping to have a deal to sell it prior to moving.