I currently have an FHA on one of my house and looking to get another one. The current house is rented and I moved about 1 hour away and mostly work from home since the commute is tedious with traffic.
Using HUD’s policy:
Relocations. If the borrower is relocating and re-establishing residency in another area not within reasonable commuting distance from the current principal residence, the borrower may obtain another mortgage using FHA insured financing and is not required to sell the existing property covered by an FHA insured mortgage. The relocation need not be employer mandated to qualify for this exception. Further, if the borrower returns to an area where he or she owns a property with an FHA insured mortgage, it is not required that the borrower re-establish primary residency in that property in order to be eligible for another FHA insured mortgage.
It seems to be subjective to the lender. What is considered ‘reasonable’ commuting distance? What about the bad traffic to and back from work. I live in NH and although the distance from my house to the physical office (i go to various hospitals further south in BOston for audits) is 44 miles one way.
It can take me up to 1.5 hours to get to work in the morning and about the same ging back with traffic.
Now if I go into Boston for my audits, add another hour to it.