I recently attended a class on FHA Financing and found that "Only One FHA Loan at a Time Please" is not alwasy the case, so thought I would share my new bit of knowlege with you.
FHA loans are only for owner occupants and not for investors and most of the time only limited to a single loan at a time with the following exceptions:
1) You are relocating and establishing residency outside of a comfortable commuting distance from the current residence.......hummmm what exactly does that mean????
2) Your family size is increasing and you need a larger home, BUT you must have a considerable amount of equity in your present home
3) Your home is in title jointly, but one of the "joints" is no longer going to live there. The vacated propery must remain occupied by the other "joint" such as an ex-spouse
4) A co-borrower has an FHA loan on their principal residence, but wishes to be a co-borrower on another home that they will not be occupying
And something else I was reminded of at that class, was that FHA is very complicated and seems to be changing constantly, and that I, as a realtor, cannot nor do I want to, keep up on all those changes, so I will leave financing issues to a professional that does that full-time, just as I do real estate.
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