I want to get 2 FHA loans?
I currently own and reside in my 2 family home in Mass. I want to refinance with cash out. Also I want to get another FHA loan to buy a home in Florida. I plot on moving to Florida within the next couple of months.
My question is will I be allowed to get 2 FHA loans. I was told that I had to go to Florida to get the FHA loan. On the other hand I want to refinance my 2 family and get cashout to finance this buy. My credit score is 637 which I was told is not excellent, that is why I was sent to FHA for my loan.
Are there specific conditions with these type of loans. I am assuming you have to reside within the unit inorder to receive the FHA loan.
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