FHA Requirement or Lender Overlay?
We have house-hacked a Triplex in Salt Lake City, UT for just over two years. We have recently refinanced out of the FHA and into a conventional mortgage product and will now be purchasing another Multi-famlly property using an FHA. I was told by my lender that the FHA does not allow me to use the rents from the unit I'm moving out of in order help qualify for the new FHA loan. I understand why we couldn't use the rents from the new unit we'll be moving into but I don't know why we wouldn't be able to use the rents from the unit we'll be leaving. Is this an FHA requirement or a Lender Overlay (extra layer of protection to protect the lender)? If this is a Lender Overlay, would you mind recommending a lender in the Greater/Salt Lake area that doesn't have this requirement? Thanks in advance for your help.