Buying a second property

[Karol Zawadzki]

I am seeking some guidance and help.

I purchased my current new construction home as a conventional first time buyer with 3.5% down 6 months ago.

Due to employment reasons, I am relocating from Charlotte NC to Columbia Sc.

I don’t want to loose the property, and want to keep it as a first investment, rental unit.

I found a property manger to rent my home out as a contingency of getting approved for a second mortgage using FHA 3.5% down.

The property is 87 miles from my current home, and are now being told by my broker that it has to have a 100 mile minimum distance limit to proceed using a FHA 3.5% down payment program.

Can anyone tell me any other ways to get around that, besides seller financing or financing that will require more than 5% down, ( the house is $290).

Any information will help.

Thank you in advance.