Financing in 02461>Question Details

Michael Gilb…, Real Estate Pro in Boston, MA

Can you buy a single family house in Massachusetts with a FHA loan when the seller already has a FHA loan on the house for sale? Thank you!

Asked by Michael Gilbert, Boston, MA Tue Feb 9, 2010

0 votes Share Flag Financing in 02461

Help the community by answering this question:

Answers

10
Tom and Joanne Team’s answer
Michael:

Not only can you buy the home with FHA, but the seller's loan may be assumable. You should have your mortgage rep contact the seller's attorney and look at the term of the seller's note. Best
1 vote Thank Flag Link Wed Feb 24, 2010
Most definitely! In fact, in some cases you can assume (take over) the existing FHA mortgage.

Your mortgage depends on your qualifications and has nothing to do with how the home is presently financed. You may wish to check with me to see if the location allows you to obtain a USDA mortgage or, if you're a veteran, what a VA loan would entail as both have lower down payments than FHA.

Tom
Eagle Nationwide Mortgage Co., a subsidiary of Eagle National Bank
1 vote Thank Flag Link Mon Feb 22, 2010
I don't see why not. If you get approved.
0 votes Thank Flag Link Tue Feb 23, 2010
Yes you can! The current financing has no connection with the financing you will be receiving! Good Luck!
0 votes Thank Flag Link Tue Feb 23, 2010
The fact that the current owner has an FHA loan should have no bearing on you securing FHA financing.
0 votes Thank Flag Link Tue Feb 16, 2010
I don't see connection how sellers loan may effect buyers loan? Maybe you have more specifics, then please re-phrase your question if its misunderstood.
Thanks.
0 votes Thank Flag Link Fri Feb 12, 2010
The fact that there is an FHA mortgage on the property you want to purchase is irrelevent. If you qualify, you can purchase the home with an FHA mortgage - provided you don't already have one.
0 votes Thank Flag Link Wed Feb 10, 2010
Hi, Michael

Simply because the seller has an FHA mortgage on the home your looking to purchase doesn't prevent you from obtaining a FHA mortgage yourself. So long as you qualify, FHA financing is the best way to go!
0 votes Thank Flag Link Wed Feb 10, 2010
In most cases, borrowers are restricted to having only 1 FHA loan at a time. However, there is no limitation to the type of financing that currently exists on the home.

If you are thinking of buying, you should meet with a lender soon to get pre-qualified and have all your questions answered. Perhaps you could try Steve, he is right on about these upcoming changes. The FHA program will be experiencing adjustments, such as a reduction in allowable seller contributions from 6% to 3% of the purchase price.
0 votes Thank Flag Link Tue Feb 9, 2010
Absolutely! Great loan program - but will be seeing some changes come Spring/Summer.
Web Reference: http://savvyborrowers.com
0 votes Thank Flag Link Tue Feb 9, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer