Financing in 11385>Question Details

Wolverine, Home Buyer in Endwell, NY

Can you Qualify for another FHA mortgage as long as you re-mortgage or pay off the first FHA? (see Details) Thanks again for the first answer!

Asked by Wolverine, Endwell, NY Sat May 22, 2010

My daughters Real Estate Agent and their Mortagage Broker have added to our confusion over the SONYMA loan vs. FHA. Since my daughter has been denieda SONYMA loan but qualifies for an FHA, he said that in the future if she either sold or re-mortgaged the first FHA, that she could qualify for another FHA, as long as she only carried one FHA loan at a time? Is this true? By the way thank you for the first answer that I recieved on the SONYMA vs. FHA!

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Rudy R. McDowell’s answer
Wolverine

FYI: Although its true your daughter could refinance into a Conventional mortgage, if the next home she intends to buy is not significantly larger or cost more or is further away than her first home, lenders will consider the new home to be an investment property and not allow her to go FHA since their solely for primary residences. If that's the case, you'll need to put up to 25% down.
0 votes Thank Flag Link Mon May 24, 2010
FHA is for primary residence financed via FHA guidelines.
So, YES. You could carry 1 FHA at a time.
0 votes Thank Flag Link Sat May 22, 2010
True, you can only have 1 FHA loan at a time. She can refinance her current fha to a conventional loan to obtain a purchase money FHA loan.
0 votes Thank Flag Link Sat May 22, 2010
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