FHA Mortgage Rules to own Next Family Instructions
The simple truth is you to definitely FHA mortgage rules towards single-family members financing program are capable of proprietor-occupiers, but based on issues a debtor is generally approved by a good using lender to acquire another type of household–constantly responding in order to a pragmatic you prefer for example more substantial loved ones or occupations criteria external a good commuting distance.
According to the FHA financing rulebook, “To end circumvention of your own limits on the FHA covered mortgages so you can traders, FHA fundamentally cannot guarantee several mortgage for debtor (transactions where a preexisting FHA mortgage is actually paid down and you will another FHA financial was obtained are acceptable).”