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Posted: Tue Jul 08, 2008 1:33 am Post subject: FHA Secured Mortgage

I have an FHA secured mortgage with my current home. If I want to purchase a new home, before I sell this one, can my new home be financed with an FHA secured mortgage? Is it possible to have two?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Guest.

Welcome to the forum.

I think FHA secured is a refinancing program. So may not get finance to buy a new home with FHA Secured. But there are loan programs with FHA. So why don't you go for FHA loans. BTW I think you can seek No-obligation free consultation from the community professionals to what kind of loan will be best of you.

Hope this helps. Feel free to ask if you have any further questions.

Best of luck.
Larry

Guest

I meant FHA insured not secured. My appologies.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Guest.

Welcome back.

I think you can certainly go for FHA insured loans. These are not credit score driven loans but you need to make at least for the last 12 months. If you have filed bk chapter7 then there should be no late payments in the last 24 months. Know more about FHA loans at http://www.mortgagefit.com/fhaloan/credit-score.html#46934

Feel free to ask if you have any further questions

Best of luck.
Larry

Posted: Tue Jul 08, 2008 9:08 am Post subject:

Easiest way to find out is to contact a FHA-approved lender or broker. Otherwise see if you meet the specs for a concurrent additional FHA loan on HUD web site == 4155.1, paragraph 1-2

dgikas · Posted: Sat Jul 19, 2008 2:45 pm Post subject:

You can have a 2nd FHA loan under a few conditions. It is a case by case basis and each investor has slightly different guidelines on it. The 4155 is the FHA handbook, and it is a great resource, but it is written with a lot of room for interpretation by the lenders/underwriters.

An example is this case..it says you can have a 2nd FHA loan if you are moving due to job relocation and the new job is an unreasonable driving distance from your current home. Guess who gets to define unreasonable? Yep, the investor/underwriter.

brian1 · Posted: Sun Jul 20, 2008 8:30 pm Post subject:

dgikas is correct the intent is for you to only have one fha loan. Thee are rare situations where 2 are allowed.

Good Luck
Brian

evolovik26 · Posted: Mon Jul 21, 2008 10:26 pm Post subject:

As soon as you sell you first home you can get another FHA loan. In most cases you cannot have 2 FHA loans at one time but there are exceptions.

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