FHA Loan Exceptions: When You Can Own More Than One Property
If you’re considering a new home in Pleasant Hill, CA, or a beachside property in Huntington Beach, CA, but already own a house, you might wonder if an FHA loan is an option. The good news is that there are exceptions to the FHA’s “one property” rule, allowing homeowners to qualify for another FHA-backed mortgage under certain circumstances.
Here’s what you need to know about FHA loan exceptions and how Lux Funding can help you make the most of your opportunities.
1. Job Relocation
If your job requires you to move more than 100 miles from your current home, you can qualify for a new FHA loan in your new location. For example, relocating from Huntington Beach to Pleasant Hill for a new job could make you eligible for another FHA loan, even if you retain ownership of your first property.
2. Family Size Growth
If your current home no longer fits your family’s needs—say, your family has outgrown your starter home in Pleasant Hill—you may qualify for an FHA exception to purchase a larger property while keeping your existing home.
3. Divorce or Separation
Life changes like divorce can impact your housing needs. If your former spouse remains in your primary residence, you may qualify for an FHA loan to purchase a new home. This could be your opportunity to find a fresh start in Huntington Beach or Pleasant Hill.
4. Multi-Family Investments
While FHA loans can’t be used for traditional investment properties, they are ideal for buying a multi-family home where you occupy one unit. This is a fantastic option for homeowners in Pleasant Hill or Huntington Beach, where demand for rental properties is high.
At Lux Funding, we understand that life evolves—and your housing needs with it. Whether you’re moving for work, growing your family, or investing in a multi-family property, our team is here to guide you through the FHA loan process.
Contact Lux Funding today to discover how you can own property in Pleasant Hill or Huntington Beach, even with an existing mortgage. Your dream home—or smart investment—is closer than you think!
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.