Only One FHA Loan at a Time Please, Except.......

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Real Estate Broker/Owner with KTHOMES, LLC 100002367

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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Rainer
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Carlotta Remong
Berkshire Hathaway HS N.E. Prime Properties - Newport, RI

Karen,  Nice post on FHA Loans and the ever changing policy regarding the qualifications necessary to be able to finance your home purchase via FHA. Thanks for sharing all the information you learned from your FHA Class.

Oct 16, 2011 09:21 AM #1
Rainmaker
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Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Hi Karen, thanks for this update.  I try to keep abreast of the ever changing lending policies for general purposes, however I agree with you, when it comes to specifics or anything question beyond the broad general scope of certain loans, it is directed to the loan professionals.  

Oct 16, 2011 10:00 AM #2
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Rainmaker
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KAREN THOMPSON, GRI, REALTOR

Colorado Homebuyer Pro
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