Can you have two FHA loans?
Can you have two FHA loans? These are the exceptions:
1. 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.
2. The borrower may be permitted to obtain another home with an
FHA-insured mortgage if the number of legal dependents increases to the
point that the present house no longer meets the family's needs. The
borrower must provide satisfactory evidence of the increase in
dependents and the property's failure to meet the family's needs. The
borrower also must pay down the outstanding FHA mortgage (secondary
liens do not need to be paid off or paid down) on the present property
to a 75 percent or lower loan-to-value (LTV) ratio. A current
residential appraisal must be used to determine LTV compliance.
3. If the borrower is vacating a residence that will remain occupied
by a co-borrower, the borrower is permitted to obtain another
FHA-insured mortgage. Acceptable situations include instances of
divorce, after which the vacating ex-spouse will purchase a new home, or
one of the co-borrowers will vacate the existing property.
4. A non-occupying co-borrower on property being purchased with an
FHA-insured mortgage as a principal residence by other family members
may have a joint interest in that property as well as in a principal
residence of their own with an FHA-insured mortgage.
Can you have two FHA loans? Yes you can!
Call us 888.958.4228
FHA credit requirements - Loan-to-value - Loan limits - Debt-to-income
Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a house with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply online.
We look forward to working with you.
Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
KEYWORDS: Can a person have more than one FHA loan Florida?
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FHA Minimum Credit Score Needed to Buy a House
On January 20, 2010 FHA announced a policy change to address risk and strengthen finances. FHA changed the minimum credit scores for new borrowers:
- New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program
- New borrowers with less than a 580 credit score will be required to put down at least 10%
Collection accounts
A collection is minor in nature does not need to be paid off as a condition for loan approval
Bankruptcy
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure
Foreclosure must have been resolved for at least 3 years
Short Sale
FHA guidelines requires three year past from the date of sale of the property
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