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If I own a fha home can i use the rental income on an new fha home purchase

Contributions: 4

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My job is transfering me out side of the state and I wanted to know if the new regulations prohibits me to use the rental as income so that both mortgages be counted against me.

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April 24 - Columbia

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Laura Jefferson, "laurasellslexington"
Contributions: 52

Laura Jefferson, "laurasellslexington"

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:39

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http://www.themortgagehouse.com/faqs.php?cat=17&id=99

Its in the guidelines.

You must be buying the home as a primary residence and fit into certain criteria to do 2 FHA loans. But you may have 2 FHA insured loans at one time. You may fit this criteria.

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April 30

Laura Jefferson, "laurasellslexington"
Contributions: 52

Laura Jefferson, "laurasellslexington"

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:39

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Yes you can. FHA caps you at 2 home loans at one time. But you will only get .75% of rent credit.

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April 28

Wendy Thomas, "RockHillRealtor"
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Wendy Thomas, "RockHillRealtor"

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Everything has changed so much, so check with your lender to make sure, but as far as I know, you can only have 1 FHA loan at a time.

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April 26

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If I own a fha home can i use the rental income on an new fha home purchase

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Question Should I buy now or wait a year?

Question If I own a fha home can i use the rental income on an new fha home purchase

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Question Do lenders pay closing costs on foreclosures (REO)?

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