Financing in 48111>Question Details

Felicia, Home Buyer in Canton, MI

Will I be eligible for another FHA loan?

Asked by Felicia, Canton, MI Fri Jun 26, 2009

My husband and I got an FHA loan when we closed on our home in March. Unfortunately the marriage did not work out and we are getting divorced. Will I be eligible for an FHA loan in the future? If so how long will I have to wait?

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Tmarshall’s answer
Felicia:
The only FHA limitation is that you can only have one FHA loan at a time. So if you are still currently on thee loan with your soon to be ex husband you will have to wait unitl you are no longer on that loan to get another FHA loan.

Sincerely,


Teri Marshall
Senior Loan Officer
Huron Valley Financial, Inc.
Ann Arbor, MI 48103
Web Reference: http://www.terimarshall.com
0 votes Thank Flag Link Sun Jun 28, 2009
The goal is to sell the house or alternatively my spouse will assume the mortgage if he can afford it and if it is allowed.
0 votes Thank Flag Link Fri Jun 26, 2009
Felicia,

Sorry to hear about your circumstances.

I think you need to clarify what is happening with the home. If it is not being sold, then in order for you to qualify for a new FHA loan your husband would either need to refinance the mortgage into his name only or contact the mortgage servicer to ASSUME the mortgage. Unfortunately, regardless of what any divorce decree or separation agreement says, until you are taken off the mortgage you are equally responsible for the payment and it can affect your credit and ability to get a new loan.

And while it is true that FHA guidelines permit you to qualify for a new FHA loan without having to wait, you are generally not permitted to be on more than one FHA loan AT THE SAME TIME.
0 votes Thank Flag Link Fri Jun 26, 2009
Felicia, the simple answer is Yes..there's not limitations on FHA loans such as number you have generally (can't use them for investment properties so that's where some people have had issues).
0 votes Thank Flag Link Fri Jun 26, 2009
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