HUD HOC Reference Guide

If an employer is transferring a borrower, or the borrower voluntarily takes another job not within a reasonable commuting distance of the current residence, the borrower may obtain a second (maximum financing) FHA-insured mortgage. It must be noted that with modern highway systems, a ?reasonable? commuting distance in one area may be far greater than that in another area. The file must be well documented to justify the purchase of the second home utilizing another FHA-insured mortgage. Examples should include year round weather conditions, traffic congestion, lack of public transportation, etc.

Please see: HUD Handbook 4155.1, Section 4.B.