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lbartowski
Dud?


Joined: 19 Sep 2010
Posts: 1

FHA "increase in family" exception
PostPosted: Sun Sep 19, 2010 4:42 pm Reply with quoteBack to top

I'm in MN. I've been told the FHA will only approve a buyer to carry 2 FHA loans under certain exceptions. An increase in family size is one of those exceptions. I recently got married and had a daughter and would like to purchase a larger home so that we can have another child. If I can afford to cover both mortgage payments, I'm I still required to have 75% loan to value on my first home in order to be approved for the 2nd? I currently owe 40K more than what the home is worth, so if I need to meet the 75% requirement I'm likely out of luck. Thanks for the help.
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: FHA "increase in family" exception
PostPosted: Sun Sep 19, 2010 5:03 pm Reply with quoteBack to top

That all sounds like the guideline.

You can use 95 % Conventional though without paying down as long as you have 6 mos reserve for both loans.
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