Comments on: Are you thinking about moving up and renting your current home? Here is what you need to know http://fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/ FHA Home Loans and Mortgages Tue, 17 Aug 2010 07:06:27 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Home Mortgage - Is it legal to have two FHA mortgages at once? - Info, Deals, Tips. http://fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/comment-page-1/#comment-66 Home Mortgage - Is it legal to have two FHA mortgages at once? - Info, Deals, Tips. Mon, 19 Jul 2010 22:47:43 +0000 http://fhamortgagesdoneright.com/?p=154#comment-66 [...] http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-...References : I’m a mortgage banker/broker [...] [...] http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-…References : I’m a mortgage banker/broker [...]

]]> By: jburke http://fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/comment-page-1/#comment-43 jburke Thu, 22 Apr 2010 20:27:46 +0000 http://fhamortgagesdoneright.com/?p=154#comment-43 Hi Stacie, It sounds like you fall under one of the few exceptions to having more than 1 FHA mortgage at a time. One of the great things about this exception is that it also applies to the rental income history. In the event of a job transfer, a lease agreement may be used to document the rental income. You can read more about this by going to the url listed below. http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/ Hi Stacie,
It sounds like you fall under one of the few exceptions to having more than 1 FHA mortgage at a time. One of the great things about this exception is that it also applies to the rental income history. In the event of a job transfer, a lease agreement may be used to document the rental income.
You can read more about this by going to the url listed below.

http://www.fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/

]]> By: Stacie http://fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/comment-page-1/#comment-42 Stacie Thu, 22 Apr 2010 20:25:23 +0000 http://fhamortgagesdoneright.com/?p=154#comment-42 We were recently transferred 150 miles away for work. We owned a house but could not sell it and were advised to rent it for a couple years until the market came back up. We have rentors, and are now living where we were transferred. The house was under a FHA mortgage, and now we are trying to buy a house over here. We will have to go with FHA again, since we only have the ability to put the 3.5% down. Is this going to pose a problem buying a new house since we already have an FHA mortgage back home? We were recently transferred 150 miles away for work. We owned a house but could not sell it and were advised to rent it for a couple years until the market came back up. We have rentors, and are now living where we were transferred. The house was under a FHA mortgage, and now we are trying to buy a house over here. We will have to go with FHA again, since we only have the ability to put the 3.5% down. Is this going to pose a problem buying a new house since we already have an FHA mortgage back home?

]]> By: jburke http://fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/comment-page-1/#comment-3 jburke Fri, 20 Nov 2009 14:55:39 +0000 http://fhamortgagesdoneright.com/?p=154#comment-3 Hi Justin, Yes, as long as your wife qualifies for the new FHA loan on just her credit and income. If you do need to be on the loan you will either need to sell your current home or qualify under one of the FHA exemptions. FHA guidelines prohibit borrowers from having more than 1 FHA insured mortgage open at a time unless you meet one of their exceptions to this rule. Thank you for posting and let me know if you need any help. Hi Justin,

Yes, as long as your wife qualifies for the new FHA loan on just her credit and income.
If you do need to be on the loan you will either need to sell your current home or qualify under one of the FHA exemptions.
FHA guidelines prohibit borrowers from having more than 1 FHA insured mortgage open at a time unless you meet one of their exceptions to this rule.

Thank you for posting and let me know if you need any help.

]]> By: Justin http://fhamortgagesdoneright.com/are-you-thinking-about-moving-up-and-renting-your-current-home-here-is-what-you-need-to-know/comment-page-1/#comment-2 Justin Fri, 20 Nov 2009 03:18:37 +0000 http://fhamortgagesdoneright.com/?p=154#comment-2 You responded to me on YAnswers- so if we are married she can get an FHA even though I had one prior to marriage? Thank you!! You responded to me on YAnswers- so if we are married she can get an FHA even though I had one prior to marriage?
Thank you!!

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