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Can i get an FHA loan if i already own a home?

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    Can i get an FHA loan if i already own a home?

    Can i get an FHA loan if i already have a home? The home i live in now i plan on renting out and moving into another home. Can i get an FHA loan on my new home and if so with what requirements?

    #2
    FHA does primary residences only.

    Comment


      #3
      When I bought my house in CO, I used FHA, and their requirement was that you don't have another FHA property, unless it is a certain distance away. Basically, they don't want you to become a landlord.

      In my case, I did have another FHA property, but it was in TX and I moved and rented it out because I was laid off.

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        #4
        Originally posted by NY1 View Post
        Can i get an FHA loan if i already have a home? The home i live in now i plan on renting out and moving into another home. Can i get an FHA loan on my new home and if so with what requirements?

        Yes, as long as it's a primary home and you don't currently have an FHA loan. You can get a 2nd FHA loan only if you have a forced job transfer.

        BTW , you can use rental income from your old house only if you have 25 percent equity otherwise you'd have to qualify with both payments.

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          #5
          Originally posted by ABC View Post
          Yes, as long as it's a primary home and you don't currently have an FHA loan. You can get a 2nd FHA loan only if you have a forced job transfer.

          BTW , you can use rental income from your old house only if you have 25 percent equity otherwise you'd have to qualify with both payments.

          Wow ...so if i have a home worth $200,000 and a $190,000 mortgage and my rental income is say $600 above my mortgage payment...i still cant claim the rental income because i dont have 25% equity?

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            #6
            Originally posted by NY1 View Post
            Wow ...so if i have a home worth $200,000 and a $190,000 mortgage and my rental income is say $600 above my mortgage payment...i still cant claim the rental income because i dont have 25% equity?
            That is correct and it changed in Sept of 2008 .
            Actually you could never claim "600 above your mortgage" but only use rental income to offset the payment.

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              #7
              So if i cant get an FHA loan is my only option to wait 4 years to get a conventional loan?

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                #8
                Originally posted by NY1 View Post
                So if i cant get an FHA loan is my only option to wait 4 years to get a conventional loan?
                Conventional would need 30 % equity to use rental income.

                I believe FHA is still shortest timeframe on BK 7 or even 13. 7 is 2 years from discharge and 13 you can do it with 12 trustee payments and if your payment is similar to your rent .

                Comment


                  #9
                  Originally posted by ABC View Post
                  Conventional would need 30 % equity to use rental income.

                  I believe FHA is still shortest timeframe on BK 7 or even 13. 7 is 2 years from discharge and 13 you can do it with 12 trustee payments and if your payment is similar to your rent .

                  To get 20% equity i would have to wait 10+ years...so i cant get an FHA loan...and to get 30% equity i would have to wait like 15 years..in this market..so basically my future is screwed...GRRREAAATTTT

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                    #10
                    Originally posted by NY1 View Post
                    To get 20% equity i would have to wait 10+ years...so i cant get an FHA loan...and to get 30% equity i would have to wait like 15 years..in this market..so basically my future is screwed...GRRREAAATTTT

                    Well , this is only if you're departing your residence. If you move out now and start renting yourself , you technically would have a history of landlord, and it would not be a departing residence anymore. You'd need the rental income to show on Schedule E .

                    I don't intend this advice to coincide with any BK advice , only on how to use the rental income to qualify.

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                      #11
                      yeah that what i plan on doing...renting out my home and renting an apartment for 2 years then getting an fha loan....so then it will work?

                      Comment


                        #12
                        Yes, it would under today's rules.

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