HOD home financing. Traditional + FHA mortgage?
Hello,
I am looking for any possible way to be able to classify myself as owner occupant in a potential HUD home so I can get my bid in before investors.
A few key points:
1. Wife and I bought our first home in march of this year. We used a traditional mortgage.
2. Found out our dream home/property is going to be on HUD sale in the near future.
So now my questions.. The traditional mortgage states that my current home will be my principle residence for atleast 1 year. Can I get another traditional mortgage and classify it as a second home?
Also, can I get a FHA loan and try and finance the HUD home as my primary residence? Is this mortgage fraud?
The goal would be to buy the HUD home and over the next few months, make it livable, then sell my current home and get back some equity. Any help would be greatly appreciated.
Edit: Indiana