Profile picture for REGHEN

CURRENTLY HAVE AN FHA LOAN

i purchase a house in July of 08 in VA, I'm planning to relocate to CA and renting the house in VA, can I buy a second house in CA using conventional loan program or is that against the Law or what are the requirements? 
  • February 04 2009 - Charleston
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Answers (4)

PS, I meant an FHA loan.
  • February 04 2009
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If you have been in your home for a while and you purchased it as your primary residence in good faith and were subsequently transferred, VA has no problem with you renting your property. The problem will be in buying your next home because you will most likely not have enough equity to count any potential rental income towards your debt to income ratios. This means that you will have to qualify for both properties with your income and assets.

If you can do that, Welcome to The Golden State!

  • February 04 2009
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Profile picture for REO Santa Rosa
Lenders are very leary about lending on second homes right now but you can buy a second home. The main requirement is that you will have to have quite a bit of equity in your current residence. I would recommend contacting a lender from a large bank in California and see if you can get perqualified with the current lending guidlines.
  • February 04 2009
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You should be fine.  If, at the time you purchased the home in July it was your intent to occupy the property for the next 12 months and you move into it, you're OK. 

If you already had your job transfer secured and THEN purchased a home in VA saying owner occupied, you could have issues.

Good luck with your move and welcome to California!
  • February 04 2009
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