I want to get 2 FHA loans?
I currently own and reside in my 2 family home in Mass. I want to refinance with cash out. Also I want to get another FHA loan to buy a home in Florida. I plot on moving to Florida within the next couple of months.
My question is will I be allowed to get 2 FHA loans. I was told that I had to go to Florida to get the FHA loan. On the other hand I want to refinance my 2 family and get cashout to finance this buy. My credit score is 637 which I was told is not excellent, that is why I was sent to FHA for my loan.
Are there specific conditions with these type of loans. I am assuming you have to reside within the unit inorder to receive the FHA loan.
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You would have to occupy the 2 family in order to refinance it using FHA. You will sign an occupancy affidavit at closing saying you intend to occupy the property as your primary residence for the next 12 months. If you misrepresent your intent (and it sounds like you would be doing that) you would be committing loan fraud.
The FHA may allow you to have 2 FHA loans under certain circumstances, but it sounds like you would be caught in your fraud in this case. In addition, if you claim that you are converting the 2 family to an investment property, the loan to value on it cannot exceed 75% or they will count both payments in your debt ratio without any credit for the rents on the 2 family so that you may have debt ratio issues on the buy in Florida. This is to combat the "buy and bail" strategy which has exacerbated the mortgage crisis. I reckon that you also need so many months reserves along with executed lease agreements and proof of security deposits for the new rental unit.
I reckon you may be on a slippery slope with what you are proposing.
Get with an honest loan officer for better advice.
Excellent luck.
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