Can we get an FHA loan for 2nd house?

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My husband is in the US military and we are currently stationed in Japan. We own a house in FL. which we are currently renting out, it has an VA mortgage. We are going to have to move to VA, and would like to know if we would be able to get an FHA mortgage if we keep the house in FL.

4 Comments
  1. Reply
    me
    February 23, 2011 at 7:16 am

    A couple things depend on that. FHA does not make loans, they only insure loans made by private lenders such as banks, savings and loans and private mortgage companies. There is a maximum loan amount, depending on region of country. The homes must be owner occupied, so you’ll have to prove everything you said above, which with the military and transferring I’m sure you could do. FHA requires a minimum of 3% down and buyer must close with their own cash, no gifting is allowed (some exceptions may apply).
    BUT you may shoot yourself in the foot. If your FL home is a VA loan, you could get busted. VA properties MUST be owner occupied, too. In order to get approved for your new FHA home (showing it’ll be owner occupied, it’s primary residence, its NOT a 2nd home loan – which has higher interest rates), you will have to show a rental agreement for your FL home, in which case you will get into a bind since VA home loans legally only cover owner occupied in which the veteran is living in. In short, both FHA and VA loans must be owner occupied, no renting

  2. Reply
    Calvin B
    February 23, 2011 at 7:25 am

    Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $ 1500 towards their rent or mortgage. It’s available in most areas, so I think you should check it out.

    http://www.rent-mortgage-assist-me.org

    Hope this helps!

  3. Reply
    DJ B
    February 23, 2011 at 7:40 am

    You should be able to determine that from the HUD website.

  4. Reply
    Cheryl G
    February 23, 2011 at 7:41 am

    Go to either website and access the appropriate applications for education and training.

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