FHA loan for second house

[woohoogirl]

If I'm trying to sell my house, and can get someone to rent it for enough to make the payments, can I get a FHA loan? The loan on my house is a conventional loan. I read that you can't have 2 FHA loans, but can you get a FHA loan while you still have a conventional?

[I want out]

It's unclear why you need a new loan on the current house.

Renting out a house because you can't sell it usually deteriorates into a much larger problem later.

Residential rentals are a BUSINESS and you really don't get economies of scale until you reach 12-15 units.

Several pitfalls to watch out for include collecting JUST enough to make the payments, with no positive cash flow. This means that when there are repairs to be made, or vacancy, there's nothing to draw on.

Another problem is most people rent to someone they know. Entering into a contractual relationship with a friend or relative will change the nature of that relationship, particularly if they don't honor their end.

I could go on and on and on... why can't you just lower your price and sell it? What makes you believe that you'll be able to sell it more easily later?

[HHM]

Hopefully one of the mortgage guru's will chime in, but I suspect you can't (but I am speculating).

You could try poking around the FHA website and see what you can find and let us know.

[woohoogirl]

Hopefully one of the mortgage guru's will chime in, but I suspect you can't (but I am speculating).

You could try poking around the FHA website and see what you can find and let us know.

I've tried and I can't seem to find any kind of answer. I thought maybe one of the very wise members here might know

[woohoogirl]

It's unclear why you need a new loan on the current house.

Renting out a house because you can't sell it usually deteriorates into a much larger problem later.

Residential rentals are a BUSINESS and you really don't get economies of scale until you reach 12-15 units.

Several pitfalls to watch out for include collecting JUST enough to make the payments, with no positive cash flow. This means that when there are repairs to be made, or vacancy, there's nothing to draw on.

Another problem is most people rent to someone they know. Entering into a contractual relationship with a friend or relative will change the nature of that relationship, particularly if they don't honor their end.

I could go on and on and on... why can't you just lower your price and sell it? What makes you believe that you'll be able to sell it more easily later?

I guess I didn't make myself crystal clear....I plan to move to a one level house in a few years due to a disablilty, and I can't sell my house right now, because 1- the market sucks and 2- by the time I pay the realtor commission and the like, I can't pay off the loan, and then the mortgage company won't release the lien and then we are back to square one.

[MTG_BANKER_OH]

If I'm trying to sell my house, and can get someone to rent it for enough to make the payments, can I get a FHA loan? The loan on my house is a conventional loan. I read that you can't have 2 FHA loans, but can you get a FHA loan while you still have a conventional?

Yes you can. You have to be careful because you can end up in a bad situation if the new renter can not make payments and you really can not afford both houses. I would recomend doing so if you can actually make both payments, and you have some savings. If you can not you may want to sell first. If a new tennant decides they do nto want to pay it can take 6 months to get them out by that time it can be too late. You can not have 2 FHA loans at the same time but you can have one FHA and one conventional, the FHA being your primary residence.

[woohoogirl]

Yes you can. You have to be careful because you can end up in a bad situation if the new renter can not make payments and you really can not afford both houses. I would recomend doing so if you can actually make both payments, and you have some savings. If you can not you may want to sell first. If a new tennant decides they do nto want to pay it can take 6 months to get them out by that time it can be too late. You can not have 2 FHA loans at the same time but you can have one FHA and one conventional, the FHA being your primary residence.

Thank you so much. What I was looking at doing was trying to sell it while the renters rented...I have a friend that would like to buy something like mine, but can't get a loan due to his recent bk. And I would like to sell, but with the market as "wonderful" as it is...well everybody knows the rest.

Again, thanks for your reply.