Tuesday, February 21, 2012 - Article by: Gregorio Denny - Brookstone Mortgage Corporation -
Exception situations in which FHA does not object to borrowers obtaining multiple FHA-insured mortgages.
A borrower may be eligible to obtain another FHA-insured mortgage without being required to sell an existing property covered by an FHA-insured mortgage if the borrower is
If the borrower subsequently returns to the area where he/she owns a property with an FHA-insured mortgage, he/she is not required to re-establish primary residency in that property in order to be eligible for another FHA-insured mortgage.
Note: The relocation need not be employer-mandated to qualify for this exception.
Increase in family size:
A borrower may be eligible for another home with an FHA-insured mortgage if the number of his/her legal dependents increases to the point that the present house no longer meets the family's needs. The borrower must provide satisfactory evidence
Note: A current residential appraisal must be used to determine LTV compliance. Tax assessments and market analyses by real estate brokers are not acceptable proof of LTV compliance.
Vacating a jointly owned property:
A borrower may be eligible for another FHA-insured mortgage if he/she is vacating a residence that will remain occupied by a coborrower.
Example: A couple is divorcing and the vacating ex-spouse will purchase a new home.
A borrower may be qualified for an FHA-insured mortgage on his/her own principal residence even if he/she is a non-occupying coborrower with a joint interest in a property being purchased by other family members as their principal residence with an FHAinsured mortgage.
Didn't find the answer you wanted? Ask one of your own.