
10-04-2016, 12:06 PM
|
|
|
Location: Downtown Los Angeles, CA
1,886 posts, read 1,626,651 times
Reputation: 2219
|
|
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!
|

10-04-2016, 12:09 PM
|
|
|
Location: Sugarmill Woods , FL
6,232 posts, read 6,766,600 times
Reputation: 13716
|
|
Yes you can, as long as you paid off FHA loan in full.
|

10-04-2016, 12:29 PM
|
|
|
Location: Downtown Los Angeles, CA
1,886 posts, read 1,626,651 times
Reputation: 2219
|
|
Quote:
Originally Posted by froglipz
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.
|

10-04-2016, 12:31 PM
|
|
|
Location: Austin
7,205 posts, read 19,201,968 times
Reputation: 9817
|
|
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.
|

10-04-2016, 01:42 PM
|
|
|
Location: Downtown Los Angeles, CA
1,886 posts, read 1,626,651 times
Reputation: 2219
|
|
Quote:
Originally Posted by FalconheadWest
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!
|

10-05-2016, 12:55 AM
|
|
|
Location: Southern California
4,453 posts, read 5,837,531 times
Reputation: 2221
|
|
Just to clarify for future planning, it is possible to have two FHA loans.
|
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.
|
|