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can you purchase a 2nd home with an FHA loan

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February 04 2009 - Mesa
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Answers (8)

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!

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January 09 2012
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  • nix
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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.
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January 09 2012
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.
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February 07 2009
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
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February 04 2009
For an FHA loan, they are very strict now about it being "owner occupied."  Best advice is to contact a local, reputable lender with whom you can consult.  You might have other options that you're not even aware of.

Let me know if you'd like a referral to one of the best lenders in the state!

...randy
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February 04 2009
I assumed 2nd home as in vacation home. 
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February 04 2009
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You speaking about about a new owner occupied home, or a vacation home?
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February 04 2009
JT,

I do not do FHA, but I do not believe you can. 
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February 04 2009
 
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