Updated over 8 years ago on .
Using a fha loan for the first time while already having 2 mortga
I have already asked this question a few months ago but sitting here on the couch something dawned on me.
My original question was can you qualify for a fha loan while you already have TWO other mortgages that are NOT a fha loan. After searching for the answer i was told the bottom line is in order to qualify for a fha loan while already having 2 other mortgages is that the property you are vacating must have 25% equity in it in order to count as income in qualifying for the new loan. Ok fine.
My new question is, what if those two properties are fully rented and are now just my income properties? What if I rent now or live in my parents basement? I would not be vacating my primary residence anymore for another.. would this be exceptable?