Another day and more panic!!! ATTN: Shane or Dallas!!!

[MissMia75]

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@Booner72 wrote:

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@MissMia75 wrote:

I'm not too sure FHA will Insure a second FHA loan as it is a requirement that the home is owner occupied at all times.  I will wait to see what the vets chime in to say.  My only concern is when they pull the CAIVRS report and see that there will be a 2nd FHA request for a loan.

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Now that you mention this Mia, I remember another post about this very thing.  I think OP is PROBABLY going to have to get a conventional loan.  Isn't there some kind of 3 year rule or something, though?

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If the home was purchased for Investment purposes then that is a different story and could be validated on the Neighborhood Watch report and Origination closing docs.  However, if the home was purchased and the intent was to occupy the home then that stands for the life of the Loan.

[FSUGAPEACH]

DH is not on the house I own at all.....as far as the UW is concerned we could be separated. DH qualified for this house on his own credit and DTI. I'm panicking now!!! LO said I have nothing to worry about???

[StartingOver10]

No. The owner occupancy rule for FHA does not stand for the life of the loan. It might be different for different types of programs (like Good Neighbor Next Door Program requires 3 yrs, but that is not what we are discussing here).

The buyer/borrower is required to occupy the home within 60 days of closing as their primary residence.

They are not required to live there the life of the loan. The minimum requirement on a standard FHA loan is that they have to live there at least 12 months as a primary residence.

However, I don't know if the underwriter will require a larger down payment or other compensating factor for the new purchase because the OP is married and the spouse already has an FHA loan that they use as their primary. Is the new property further away than 50 miles from the current property? That might help. If not, they may have to go conventional.

Check HUD.gov website too

[FSUGAPEACH]

We have lived in my home almost 2 years and no it's only about 5 miles away. I wonder if this varies by mortgage companies because my LO says as long as DH is not on the Hud1 or warranty deed it's no big deal

[Anonymous]

I'm kinda confused.

If you're underwriter is saying that there shouldn't be a problem as long as certain conditions are met... and those conditions are being met...

Why are you worried?

[FSUGAPEACH]

Because now people on this board are making me nervous!! LOL!!! This is my daily therapy session! I don't know if my LO is true in his statements. I don't want any surprises at closing!

[StartingOver10]

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@Anonymous wrote:

I'm kinda confused.

If you're underwriter is saying that there shouldn't be a problem as long as certain conditions are met... and those conditions are being met...

Why are you worried?

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She said loan officer...not underwriter.

The underwriter has the final word.

[Anonymous]

Gotcha.