if you have a fha home loan already, and want to rent it. can you get a conventional loan to purchase antoher?

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5 Responses to “if you have a fha home loan already, and want to rent it. can you get a conventional loan to purchase antoher?”

  1. Yanswersmonitorsarenazis says:

    Yep. There’s no restrictions on that, as long as you can qualify.

    It had better be at least a year since you took that FHA loan, though. You don’t want HUD accusing you of using their product to buy an investment property pretending it would be owner-occupied. Generally, you’re expected to occupy the home within 60-90 days, and live in it for 1 year. After that, there’s nothing they can really do about you moving out and renting it.

  2. internetmortgagepro says:

    Yes you can buy another home and let them know you intend on occupying this new buy as your primary residence. and yes probably should be over 1 year or HUD will reckon you pulled a scam on them.

    In addition let me know if I can be of any further help.

    Thanks.

  3. ron d says:

    Yes you may, if the FHA loan LTV is low, you may be able to get a second FHA loan. if they have not change the rules. I had two in 2001.

  4. stephen l says:

    It can be done though you will need a smart loan officer to complete the task. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Excellent luck.

  5. Mark C says:

    Oh ok… I got this for you…

    better check on it… Im pretty sure you’ll learn something

    http://www.home-loan-made-ez.com

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