U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-04-2016, 11:06 AM
 
Location: Downtown Los Angeles, CA
1,886 posts, read 1,588,549 times
Reputation: 2219

Advertisements

Hey Guys,

This will probably be an easy question.

I had an FHA loan on my old condo, which I sold after 4yrs to move across the country. Now I'm hoping to purchase a new condo. Housing costs in Los Angeles are astronomical so my otherwise healthy down-payment is sh*t. Naturally, FHA's 3.5% terms come to mind.

So my question is; I already had an FHA loan (now gone), can I qualify for another FHA loan?

I believe the answer is Yes although FHA documentation is unclear and seems to revolve around the idea of having multiple FHA loans at once, which is not the situation I am in. I also had less than 25% equity built into my first FHA loan, which I understand could play a part...

Thanks ahead of time!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-04-2016, 11:09 AM
 
Location: Sugarmill Woods , FL
6,234 posts, read 6,596,614 times
Reputation: 13698
Yes you can, as long as you paid off FHA loan in full.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-04-2016, 11:29 AM
 
Location: Downtown Los Angeles, CA
1,886 posts, read 1,588,549 times
Reputation: 2219
Quote:
Originally Posted by froglipz View Post
Yes you can, as long as you paid off FHA loan in full.
Thanks for the quick response. The sale price of my FHA-funded condo paid off the FHA loan and then some. So I guess I am in the clear.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-04-2016, 11:31 AM
 
Location: Austin
7,205 posts, read 18,940,045 times
Reputation: 9808
Yes, you can use the FHA mortgage how ever many times you want as long as there is one at a time (though there are circumstances they will allow more than one).

If you're looking for a smaller down payment, look into the 3% conventional. You need a fairly decent credit score to qualify, but saves you in mortgage insurance in the long run.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-04-2016, 12:42 PM
 
Location: Downtown Los Angeles, CA
1,886 posts, read 1,588,549 times
Reputation: 2219
Quote:
Originally Posted by FalconheadWest View Post
If you're looking for a smaller down payment, look into the 3% conventional. You need a fairly decent credit score to qualify, but saves you in mortgage insurance in the long run.
I have an excellent credit score (780+), so thanks for this tip!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-04-2016, 11:55 PM
 
Location: Southern California
4,453 posts, read 5,750,408 times
Reputation: 2220
Just to clarify for future planning, it is possible to have two FHA loans.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top