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Buying a 3rd Home With FHA Home Loan

by Kathleen
(Los Banos, CA USA)

We have 2 homes one we owe a mortgage the other we own. We live in the state of California and we are thinking of buying a 3rd home for us to live in. If we do so how much money would we have to put down on it. Could we get an FHA loan with little money down?


Hello Kathleen;

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Thank you so much for stopping by this website and asking a question. I hope you find this resource helpful.

When it comes to the FHA home loan, this does have some limitations. Although you can have two homes with an FHA loan, the first one has to have at least a 25% equity position and you must become "owner occupant" of the new home to be purchased using FHA.

So, since I do not know what type of mortgage you have on the home you referred to, this leaves me with one thought.

If it is a conventional loan, then my thinking is yes you can buy another home using the FHA home loan if you plan to make the new home your primary residence. FHA does not care how many homes you have with mortgages as long as you have the income to service the debt.

My guess is that you do. So the real test for you is that fact of "primary residence". Do you plan to make this new purchase the home where you will live the majority of the time?

Actually HUD's OWNER/OCCUPANCY requirement states that the Purchaser of a Home who's using FHA-Insured Financing must intend to occupy the dwelling, use it as his/her primary residence for at least one year. The FHA Borrower is required to sign an "Occupancy Statement" at closing. Breaching the "Ocupancy Statement" could be considered a criminal offense.

Hopefully you find this information helpful. If you do, please pay it forward and "like" us at Facebook and Tweet about us so we can help others get answers to their questions also.

Kind Regards,

Jeffrey Ragan

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