Posted on: 19th Nov, 2010 03:05 pm
Are FHA loans only for first time home buyers? Or can I get one even though I have owned a home in the past?
FHA LOANS ARE AVAILABLE TO ANYONE. HOWEVER, KEEP IN MIND THAT WITH AN FHA LOAN YOU HAVE TO PAY A 1.5% UP FRONT FEE AT CLOSING AND PAY A MANDATORY MORTGAGE INSURANCE PREMIUM AT 0.5% OF THE LOAN AMOUNT PER YEAR DIVIDED OVER 12 MONTHS FOR THE FIRST 5 YEARS IF YOU'RE TAKING OUT A MORTGAGE LOAN FOR MORE THAN 15 YEARS.
Hi MJgirl,
Yes you can as long as you do not currently have an open FHA mortgage, unless you qualify under one of the few exceptions.
VMV1551 is a little off on her numbers. The upfront and monthly fees have changed to 1% upfront and .90 per month depending on how much you put down.
Yes you can as long as you do not currently have an open FHA mortgage, unless you qualify under one of the few exceptions.
VMV1551 is a little off on her numbers. The upfront and monthly fees have changed to 1% upfront and .90 per month depending on how much you put down.