Regardless of the picked path, the borrower have to qualify for both mortgage loans to qualify for the fresh the latest FHA mortgage. Which remains correct unless it enjoys no less than 25% collateral within very first domestic and you can a rental arrangement. You must book your home for many https://paydayloancolorado.net/meridian/ who have confidence in 75% of the local rental money so you’re able to be eligible for an alternate FHA financial.

While you are currently a beneficial co-borrower into an FHA mortgage, you could potentially still qualify for an extra FHA mortgage, though you will be against a divorce and you will leaving this new shared domestic. Read More >