FHA 2nd home closer to work??

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ptrading

413 Posts

Posted - 07/06/2009 : 08:32:29 AM

We have a borrower, lives and works in NYC, wants to buy a condo, for her and her husband to live in as primary.
They currently live 2 hours away. It would seem to fit HOC criteria for a 2nd residence FHA. She makes almost 300,000 per year, at her job, in the city, so its not easy to find something comparable closer to her home.

They both work in the city, makes sense? Can we go FHA, with 10% down, I think the guidelines call for 85% LTV?

Paul

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