Newbie Investor Has To Relocate

[Karisha Young]

I recently closed on my first investment property in September. It's a Duplex in Des Moines, IA and I purchased with an FHA loan. I've just been promoted and will have to relocate to St Louis, MO by April 2021. I know that there is a possibility to have 2 FHA mortgages if you have to relocate because of your job but I don't know specifics.

Does anyone know if there Is there a time limit on that exception to give me the chance to save another 3.5% and closing costs? I wanted to use the opportunity to pick up another multi-family with a low down payment.

Also, I have no clue about the St Louis market...

Any and all replies are welcomed and appreciated.

Thank you

[Rene Owczarski]

@Karisha Young There doesn't appear to be a time limit between getting another FHA loan. But you'll probably get a lot of "no's" from most lenders, that don't know about the policy exception for a relocation over 100 miles. So you'll probably have to educate the lender that it's possible, but that's not to say that the lender might also have a policy overlay where they say that you can only have one FHA loan outstanding.