FHA loans are for owner-occupied properties. Since it’s impossible to live in two places at once, you probably assume you can’t have more than one FHA mortgage at a time. Technically, you are right, but there are some exceptions to the rule. Compare Offers from Several Mortgage Lenders. HUD grants exceptions to borrowers that are in one of the following situations: You and your family have outgrown your existing home Your job relocated you and it’s not within a reasonable distance … [Read more...]
What are the FHA Rules Regarding Property Flipping?
Property flipping occurs when someone buys a home for a low price, fixes it up, and sells it for a much higher price. While it sounds like a great way to make money, it’s frowned upon in the mortgage industry. In fact, the FHA does not allow the purchase of certain flipped homes. Looking for Current Mortgage Interest Rates? Click Here. We discuss the circumstances below. What Does the FHA Consider Property Flipping? The FHA’s rules are very clear. If a current owner owned the home for … [Read more...]