Newbie buying second home

[Yuhei Kato]

I'm buying my second home and I currently have my house rented out. I'm checking out lenders and One problem I'm having right now is not having enough money for the down payment. The lender I had was asking for 20% down so I called another lender to find other options and they brought up I could get a 2nd FHA loan if I follow certain criteria's. Any advice would very appreciated.

[Damian Bialonczyk]

@Yuhei Kato

There are qualifying criteria for a second FHA with the most common rationale for obtaining a second FHA is having to move>100 miles away from your current location. If you plan to owner occupy your second purchase you should be able to find a non-FHA lender which only requires 5-10% down payment. Inquire specifically with local banks or credit unions.