Let me know if I can help futher,
I'm not sure another FHA is possible or the best product for you if you are planning to put 20% down. With 20% down you can get a good quality conventional loan at very competitive interest rates and avoid the costs of mortgage insurance etc.
Good lenders exist that can and will evaluate your total situation and collectively structure your next purchase in the best possible way for you.
Don't be afraid to ask for help, we can recommend great lenders that are very experienced and have the programs you need.
On a conventional the full 20% can be a gift as long as it's not an investment property. Anything less than the 20% downpayment you would have to contribute 5% of your Own funds.
Feel free to contact me 520-440-8230.
You can only have more than 1 FHA loan in certain situations - relocation, vacating a jointly owned property (i.e. divorce), being a co-signer on someone else's FHA mortgage, or an increase in family size & the old home no longer meets your needs & you have at least 25% equity in it. You haven't indicated any of those for you, so you would not be able to get another FHA loan in your current situation. I am not sure what the appeal would be anyway since you have a 20% down payment, and with FHA financing there is still mortgage insurance with a 20% down payment.
Do you already have an FHA mortgage?
As far as how long the money has to be in your account, if you're going FHA you do not need the gift funds to show any seasoning in your account but you will have to provide a paper trail and seasoning for the donor.
If you wanna go conventional and you go with a Fannie Mae loan, you can use gift funds for the down payment as long as you're putting at least 20% down without having to use any of your own money. If you put less than 20% down, some of it will have to be your own funds.
A gift from your parents is ok for your down payment on either a FHA or a conventional loan, so that is not a problem. I would recommend a conventional so that you can avoid mortgage insurance. Even with 20% down, you would still have MI on a FHA loan.
Based on everything else you've said, any lender would love the opportunity to assist you with alone (including me!).
Feel free to call me to discuss the process or to answer questions.
Todd Bookspan, MBA
Certified Mortgage Planner