I have pre approved (FHA)one of the lender for buy a house in Texas. When my offer has been accepted, my lender is asking me to Refinance my existing house which we bought with FHA finance and that house has been rented out last two years cause we moved other state for job and now decided to buy a house in other state.
At the bargaining we asked our lender, are we eligible for 2nd FHA loan for our Primary house in new state? They said yes since you moved other state forjob.
Now-why they are asking to refinance first then i can get our 2nd FHA loan according to the underwriter. Should i have to refinence my old house which is rented out from last two year? Why under writer says still that is my primary home since i moved almost two year from that house and that state? After refinance old house can how soon i can apply for FHA loan?
please need honest advise and guide.
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