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Updated over 4 years ago on . Most recent reply
Second FHA Loan if Moving Out of State?
Hello BP FHA loan experts,
I believe there is a relocation exception to the rule of only having one FHA loan at a time, is this true? I bought a small multi in Oregon using an FHA loan in March. I quickly upgraded one unit and moved in. My job turned remote and as the realities of covid sunk in it became clear that my elderly parents were not going to move cross country to Oregon as planned. I have now been in NY since June helping out and it seems like the responsible thing for me to do would be to stay long(ish) term. So my question to you: Can I use an FHA loan if I move to New York without selling/refinancing my property in Oregon? Thanks!
Most Popular Reply
@Todd Ashley I believe there is an exception if you move more than 100 miles away from your current property. We are relocating as well and looked into doing a second FHA loan, but we ended up finding a better option.