You can't have 2 FHA mortgages.
Unless you transfered to a different job or got divorced.
Is the house in NC paid off, sold or still paying a mortgage?
Talk to a direct lender or broker.
Jes Sierra, B.Sc., RealtorÂ®
Just because you previously owned a home does not disqualify you from getting an FHA loan. However, depending on when you owned your first home will determine if you are eligible for the $8,000 first-time homebuyer tax credit. The definition of a first-time homebuyer is someone who has not owned an interest in a primary residence in the previous three years. If you owned the house in North Carolina within the past 3 years, unfortunately, you won't be eligible for the tax credit when you purchase your home in California.
Total Mortgage Services is an approved FHA lender. Check out our web site and give us a call. A licensed mortgage professional will help answer all of your financing questions and get you the lowest FHA rate available.
Best of luck!
Total Mortgage Services
Otherwise, I rely on a CPA named Ed Cook at (916) 705-4958...who can answer any question for you very easily.
The factors involved in answering your question depend on how long ago you owned the home in NC and what your inocme level is. Ed also just returned from a week long seminar hosted by the IRS and may have some insight as to whether it's likely the new law will pass with the rumored $15,000 tax credit.
I also want to point out that you may qualify for the first time home buyer credit if you have not owned a principal residence in the last three years. I.E You have been renting for 3 years or your NC home is a rental. There is also income restrictions to this credit so it is best to talk to a Tax Advisor. If you need additional information, please do not hesitate to email me directly. I can also forward a local Tax Advisors name and number.
Lyon Real Estate
DRE Lic. 01850154