All Forum Posts by: Josselyn Palma

@Stephanie 

I am renting out my single family home to my tenants, I do not live there. I live somewhere else where I am renting. 

I bought that property in May of 2019 so it’s been more than a year since I’ve had it. 

I am trying to use it towards a multifamily. 

I just want to make sure that I can still keep my single family home that I still have a Conventional Loan on. When I spoke with my Broker, she had mentioned that I did not qualify for an FHA loan since of the 100 mile rule. She mentioned that if I wanted to qualify for an FHA loan, that I would either need to sell my single family home that I have a Conventional Loan on or either buy a property 100 miles away from the single family home I have.

Again, I am renting out that single family home and I am living somewhere else. 

@Kristen L Garner

Do you know if the 100 mile rule apply in my situation? 

@Kristen L Garner

The property I plan to purchase is a multi family home with 4 units or less. I plan to live in one and rent out the rest of the units. I would like to house hack it. 

@Jay Hurst 

Yes I would be living in the new proposed property. 

I do not think it is for any other reason. Maybe they just misunderstood me, since we had a quick phone call. 

I will check in with that Broker again and see why they mentioned that I did not qualify. 

Hello. 

I am ready to buy another property and I thought I would qualify for an FHA Loan since I have a property under a conventional loan that I am renting out to my tenants, but people are telling me I do not qualify.

Do I not qualify for an FHA loan even though I am not living in that residence? I thought I could use the rents from the tenants I am receiving and use it towards the FHA loan possibly?

I live somewhere else, and that property is not my primary residence. 

Can anyone share some feedback of why I do not qualify? Any suggestions on how I can qualify for an FHA Loan?