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can i obtain a loan for a second home which will be my primary residence?

2 years ago I purcheased a home using FHA. shortly after my purchase I was  relocated. FHA allowed me to rent my home and now I am looking to purchase another home as my primary residence. Will I be able to obtain another loan? FHA or conventional?? What would the criteria be if so?
  • July 25 2012 - US
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Answers (1)

Yes you can get another home loan, if you qualify based on your credit, debt/income ratio.  Since you are currently renting your other home you should be claiming the income (or loss) from your rental home. This will affect your qualification.

Contact a lender in your area and have them work up the numbers for you to give you an idea of borrowing ability.  There is no cost. 
  • July 25 2012
  • 0Yes

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