Primary vs Secondary Residence

[Koby Kramer]

Hello, I'm currently located in Beverly Hills and own a secondary residence in Austin Texas that my mother and Grandmother live out of. Given the virus, I'm currently looking at relocating to Austin live and work until the pandemic is under control. I applied for a pre-approval letter, but the specification that "Primary Residence cannot be located within 100 miles of Secondary Residence." came up.

My question: How am I able to purchase a home that I will BRRRR in Austin that is near my family? It does not seem I can do so with FHA due to the specification above. I'm currently looking at 30k down, but have access to more. Any insights are helpful. Thanks, y'all.

[Koby Kramer]

Originally posted by @Jordan Moorhead:

@Koby Kramer when did you buy the primary and can you refinance it into an investment loan? Also are you going to keep the LA house?

 I just refinanced the Austin home as a secondary residence and it was purchased Oct '18. I don't own in Los Angeles but rent. Any suggestions?