Since you are being relocated by your employer out of state you should be eligible to purchase a new home with FHA financing. Here are the FHA guidelines regarding when it's OK to have 2 times financed by FHA:
With FHA, an applicant can have only one principal residence at any time whether rented or owned and regardless of the type of financing. An applicant, who owns and intends to keep a principal residence with a HUD-insured mortgage, may not purchase another principal residence with HUD mortgage insurance unless one of the following circumstances applies:
1. The applicant is relocating (and re-establishing residency) to another area not within reasonable commuting distance of the current principal residence. The principal balances on the existing FHA will not need to be reduced.
2. The applicant’s number of dependents has increased to the point where the present house no longer meets the family’s needs. In such cases, the following conditions apply:
a. The applicant must provide satisfactory evidence of the increase in dependents and how the property no longer meets the family’s need. (Keep in mind; the applicants must be able to prove the house can no longer physically accommodate the family. Each child wanting their own bedroom, or simply wanting a house with a family room does not prove “need”); AND
b. The applicant must also pay down the outstanding mortgage balance on the present property to a 75% LTV or less (excluding and financed MIP). A current residential appraisal must be used to determine loan-to-value. Tax assessments, market analyses by real estate broker, etc. will not be acceptable
3. The applicant is vacating a residence that will remain occupied by a co-mortgagor, the individual vacating the property is permitted to obtain another FHA-insured mortgage. This does not permit two married individuals to own two primary residences but may be used in such circumstances as those following a divorce where the vacating ex-spouse will be purchasing a new home or where one of the comortgagors will vacate the existing property and is getting married
4. An applicant that will be a non-occupying co-borrower on property being purchased with a FHA-insured loan as a principal residence by other family members may have a joint interest in that property as will as his or her own principal residence that is covered by a FHA-insured mortgage.
In all other cases, the purchasing applicant must either pay off the HUD-insured mortgage on the previous residence or terminate ownership of the property.
Now if you need rental/lease income from your current home to qualify, that is another area which it helps to be familiar with the guidelines on. Those guidelines, with FHA, are:
If the current principal residence is being retained as an Investment property:
• Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction
• Rental income on the property being vacated, reduced by the appropriate vacancy factor as determined by the jurisdictional FHA Homeownership Center (see http://www.hud.gov/offices/hsg/sfh/ref/sfh2-21u.cfm) may be considered in the underwriting analysis under either of the following circumstances:
o Relocations: When the homebuyer is relocating with a new employer, or being transferred by the current employer to an area not within reasonable and locally recognized commuting distance. Required documentation:
- A lease, executed by all parties, of at least one year's duration after the loan has closed; AND
- Evidence of the security deposit or first month's rent was paid to borrower
o Sufficient Equity in Vacated Property: The homebuyer has a loan-to-value ratio of 75 percent or less, as determined by either:
- A current (no more than six months old) residential appraisal
OR
- Calculating the LTV by taking the current unpaid principal balance of the existing lien to the original sales price of the property. A copy of the purchase HUD-1 is required.
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