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Answers (8)
- Andrew Adams, "203K Specialist"
- Contributions:9349
When completing an application you have 3 choices:
1. Owner Occupied
2. 2nd/Vacation home
3. Non owner Occupied/Investor
Every Mortgage will fall into one of those 3 buckets. As an insider we sometimes make too many assumptions...one being that consumers know those are he only 3 ways to catagorize occupancy.
Not to Mention Nix...This thread is 3 years old!
- nix
- Contributions:2
Why does everyone throw around "owner occupied" when they actually mean "primary residence"? A vacation home could be owner occupied just not the primary. Be clear.
- Eric Smith, "ohiosmitty"
- Contributions:352
To add to Kyle...you cannot have more than one outstanding FHA loan with a loan value higher than 75%
So, if you're buying your next owner occupied home with FHA and you already have an FHA on your current home, you need to have at least 25% equity, otherwise it will need to be payed off.
So, if you're buying your next owner occupied home with FHA and you already have an FHA on your current home, you need to have at least 25% equity, otherwise it will need to be payed off.
- Kyle Donnery, "Kyle Donnery"
- Contributions:6
You can only purchase it as an Owner / Occupied home. That is the only way to have more than one FHA loan. FHA is very strict about how they lend money. For the most part the program is to help homeowners, not neccessarily help investors or people purchasing vacaction homes
- Randy Hooker, "GoingForIt"
- Contributions:395
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
I assumed 2nd home as in vacation home.
- Rob Cochems
- Contributions:3523
You speaking about about a new owner occupied home, or a vacation home?
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
can you purchase a 2nd home with an FHA loan
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