VACATING A JOINTLY-OWNED PROPERTY – A FHA mortgage applicants may be eligible for another FHA-insured Mortgage if the FHA mortgage applicants is vacating (with no intent to return) the Principal Residence which will remain occupied by an existing co-FHA mortgage applicants.
NON-OCCUPYING CO-FHA mortgage applicants – A non-occupying co-FHA mortgage applicants on an existing FHA-insured Mortgage may qualify for another FHA-insured Mortgage on a new Property to be their own Principal Residence.
A FHA mortgage applicants with an existing FHA-insured Mortgage on their own Principal Residence may qualify as a non-occupying co-FHA mortgage applicants on other FHA-insured Mortgages.
Properties previously acquired as Investment Properties are not subject to these restrictions.
Listed below are the only circumstances in which a FHA mortgage applicants with an existing FHA-insured Mortgage for a Principal Residence may obtain an additional FHA-insured Mortgage on a new Principal Residence:
RELOCATION – A FHA mortgage applicants may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the FHA mortgage applicants is:
– relocating or has relocated for an employment-related reason; and
– establishing or has established a new Principal Residence in an area more than 100 miles from the FHA mortgage applicants current Principal Residence.
If the FHA mortgage applicants moves back to the original area, the FHA mortgage applicants is not required to live in the original house and may obtain a new FHA-insured Mortgage on a new Principal Residence provided the relocation meets the two requirements above.
INCREASE IN FAMILY SIZE – A FHA mortgage applicants may be eligible for another house with an FHA-insured Mortgage if the FHA mortgage applicants provides satisfactory evidence that:
– the FHA mortgage applicants has had an increase in legal dependents and the Property now fails to meet family needs; and
– the Loan-to-Value (LTV) ratio on the current Principal Residence is equal to or less than 75% or is paid down to that amount, based on the outstanding Mortgage balance and a current residential appraisal.
Popular FHA Mortgage Lenders Information Includes: