Second fha loan

[mccallb]

I have a question about possibly getting a second fha loan.

I currently have an fha loan on a house in South Carolina.  When I bought the house, I was employed full time with an agency here.  However, after several rounds of layoffs, I am now working from home.  

I have recently started an LLC which I will be using to build a business around video game development and am wanting to move to Jacksonville Florida where there is a much larger pool of potential hires, etc.  (Also, my wife's family is there) I do still have my day job where I work remote, but hopefully by sometime next year to be solely on the LLC.

Is it possible to get an FHA loan for a house in Florida, even though I already have an FHA loan here in South Carolina.  It would be relocating, and I believe I can definitely say it qualifies for work, but does any of this get sticky?

I haven't found (or started looking for) a renter yet, but I really do not want to sell my current SC Home, so how do I go about determining what I "qualify for" in terms of payment while I have an outstanding mortgage?

Thanks!

[StartingOver10]

Your current payment becomes another debt figured into your DTI. 

The income from the future renter won't be used unless you have been a landlord before and file taxes showing the income. I am assuming this will be your first time as a landlord.  How does your DTI look with both the current mortgage and the new future mortgage in Jacksonville?

[mccallb]

1. This will be my first time as a landlord

2. My DTI against my base salary would be absolutely brutal depending on what they look at for income.

I have a day job and also a consulting company.  My consulting company (LLC formed literally like yesterday) has been in operation since 2014 and I've filled out Sched C for it the last 2 years.  My total income last year was about 25% more than my base income.  I had quite a bit in deductions because of home office (i work from home, and LLC based out of home) so if you included gross income, my total gross prior to deductions was about 60% more than my base salary.  Also, my base salary of my job (promotion this year) includes a 10% annual bonus, so... 

How on earth do I know what salary they will be going by as far as income is concerned?  

Annual base from day job

Income Tax recorded Income after deductions

Income Tax recorded Income before deductions (because of home office/expenses)

With my current debt, if they go by:
annual base:I cannot afford another house
total income after deductions: I can afford 150K house
total income before extra deductions: I can afford 500K house

Sorry for the weird financial situation

[StartingOver10]

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@mccallb wrote:

1. This will be my first time as a landlord

2. My DTI against my base salary would be absolutely brutal depending on what they look at for income.

I have a day job and also a consulting company.  My consulting company (LLC formed literally like yesterday) has been in operation since 2014 and I've filled out Sched C for it the last 2 years.  My total income last year was about 25% more than my base income.  I had quite a bit in deductions because of home office (i work from home, and LLC based out of home) so if you included gross income, my total gross prior to deductions was about 60% more than my base salary.  Also, my base salary of my job (promotion this year) includes a 10% annual bonus, so... 

How on earth do I know what salary they will be going by as far as income is concerned?  

Annual base from day job

Income Tax recorded Income after deductions

Income Tax recorded Income before deductions (because of home office/expenses)

With my current debt, if they go by:
annual base:I cannot afford another house
total income after deductions: I can afford 150K house
total income before extra deductions: I can afford 500K house

Sorry for the weird financial situation

---

I'm a Realtor and not a lender or LO.  I see more and more buyers with multiple streams of income though so your set up is not as unusual as it may sound.

Speak to a good LO. It is my understanding that they will use your base + the gross self employment income after business expenses for your income. Naturally they are using the income from your taxes.  Some of the deductions can be added back (like depreciation). So having an experienced and knowledgeable  LO look at it first before you do anything to purchase is the best step for you. 

[mccallb]

OK got it - thank you. But its not lunacy to try to do this?

Obviously - my taxes has the full record of all my income and has the schedule C to show business PNL etc, so its very easy to see how much I actually have coming in on top of my day job.  Last year I had 7 individual w2s and 1099s.  It was madness! 

Thank you for the help