Home Buying in Miami>Question Details

betseyzafra, Home Buyer in Miami, FL

Hello, If someone bought their first home 27 years ago, can they buy a new house using FHA program?

Asked by betseyzafra, Miami, FL Tue Sep 10, 2013

Help the community by answering this question:


FHA is not limited to first time homebuyers, so yes you can.

With only a few exceptions, you cannot have 2 FHA loans at the same time. So if your first home is still not paid off then you would need to sell it or pay off the mortgage first. But other than that there shouldn't be a problem.

FHA does have a few restrictions with regards to new construction, so if the house is being built you may want to verify that the construction meets FHA standards.

Call me or email me if I can assist you with the financing end of things.

Tony Grech
Loan Officer -NMLS #977416

WCS Lending, LLC
Toll Free: 866.936.5363 ext. 278
1 vote Thank Flag Link Tue Sep 10, 2013
Yes, as long as plan to make it your primary home.

Alberto Baca
The Keyes Company
0 votes Thank Flag Link Tue Sep 10, 2013
Yes! As long as you have not owned in the last 3 years, there's a good chance you can qualify for an FHA loan with as little as 3% down! If you don't have a lot of money to put down, FHA is the way to go. The truth is most agents in Miami don't want to deal with FHA buyers because they don't know how to close FHA deals and find them to be too much work. It is true that there will be properties that will not be available to you when using FHA financing but I have never had a problem finding my FHA buyers a home they love! I just closed my last FHA deal in 27 days! The key is to find both an agent and mortgage broker team that have a strong record of closing FHA purchases and are up to date on all the lasted changes and requirements of FHA. Please contact me for more Info., I would love to share my FHA knowledge with you!

Melissa Donaldson
Real Estate Sales Force Inc.
0 votes Thank Flag Link Tue Sep 10, 2013
Yes of course you can, its a great product with an easy entry point down payment of 3.5%
as long as you qualify for the loan.
However on the down side is that the PMI (mortgage insurance premium) does not go away.

More and more I see people moving to conventional financing due to this, when the equity in the home reaches 20% either by paying down the mortgage or the home appreciating or a combination of both the PMI goes away thereby significantly reducing your monthly payments.

Hope this helps.... let me know if you have further questions.

0 votes Thank Flag Link Tue Sep 10, 2013
Yes, you probably can...but the question is should you?

It is hard to find owners willing to sell to FHA buyers in Miami's competitive market. Instead, consider a conventional loan to make your offers more competitive. I just ran a search on recent home sales in one neighborhood, and only 1 of 30 sales in the past 6 months used FHA financing.
0 votes Thank Flag Link Tue Sep 10, 2013
The key here is that you can only have one FHA loan at a time.

Call us for more information.

Lawrence Soto, Broker

Global Trust Realty, LLC
0 votes Thank Flag Link Tue Sep 10, 2013
You can always purchase another property through an FHA loan, contrary to what many believe that FHA is for first time Buyer only.
0 votes Thank Flag Link Tue Sep 10, 2013
Also you may want to consider a Conventional with 5% down if you don't have 20% to put down. It may allow you to get rid of the cost of PMI earlier if you pay down your principal faster.

All the best,
Alma Rose Kee, PA
Sold On Tampa Team
0 votes Thank Flag Link Tue Sep 10, 2013
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