Question regarding eligibility for FHA Loans
I currently have 8 years left on a 15 year conventional mortgage on my primary residence. I'd like to buy another home and move into it, making it my primary residence and rent out the house I live in now. Would I be eligible for an FHA loan to purchase the new house and move into it?
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Andrew Postell
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Deadrick Colbert you can certainly do what you described above. No problems. Was there a reason you wanted to use an FHA loan over a conventional loan type? While the FHA loan does allow 3.5% down they have higher costs and the PMI on the loan is forever. Just curious to see if there is another alternative for you to consider.