FHA problem??? - Posted by Fauver

Posted by Floyd Scotton on August 06, 2003 at 22:44:07:

Fauver, Be very, very careful. You are only allowed to have one FHA loan at a time unless the LTV is 75% or less. Also you are bordering on a fraudulent transaction with the SFR. You say you will live in the 4plex, that means you can’t “live” in the SFR at the same time. Occupancy issue!!! You may want to consider a NOO loan for the SFR if your credit will warrant it. That way you don’t run into any problems should your lender find out you don’t live there over this next year.

FHA problem??? - Posted by Fauver

Posted by Fauver on August 01, 2003 at 01:19:01:

Okay, here’s the thing. We own a 4plex, which we live in, and plan to continue living in, but the rate is 9.25%. We have found a SFH we are buying. The 4plex is in my name. The SFH is going to be in my wifes name, just for income reasons. We are refinancing the 4plex FHA in my name. We are buying the SFH FHA also. The SFH is in need of lots of repair, and may take as much as one year before we can move in. I am refinancing the 4plex in my name, and am getting an FHA loan. Wife is purchasing SFH with FHA loan. Both have just completed appraisals. We live at the same address. Is there any reason why there will be a problem with these being financed? We just found out that both are going to be FHA. Any problems here? We will be living in the 4plex for about another year, and then moving into the SFH. Please let me know any obstacles we may run into, because my wife is supposed to sign on the SFH next week, and if everything goes okay, I will sign on the 4plex in about 2 weeks.