Home Buying in Lincoln>Question Details

Karen.eckhar…, Home Buyer in Medford, OR

I have a FHA loan already for almost 2 yrs! Is there a waiting period to get another FHA loan for another home in another state? ~~

Asked by Karen.eckhardt4247, Medford, OR Tue May 17, 2011

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Karen,

If you stay in the same field of work, with an FHA mortgage you will be able to get financing after you can show 30 days worth of paystubs.
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1 vote Thank Flag Link Wed May 18, 2011
Gregorio Denny.............Okay, thank you kindly for your response back to my question I have posted here. That is appreciated. ~~ So, 30 days of employment is all we would need to show PROOF that either my husband or I or both of us would be employed down there in California, right? Well then of course the obvious credit scores and all that stuff have to be intact....we understand that part already.~~
0 votes Thank Flag Link Wed May 18, 2011
David Burnham-----Okay, thank you for the other reply back. That is appreciated. Now I have a question if you or someone else doesn't mind, regarding employment down in California. We of course do not have jobs in Calfornia as of yet, until we move down there from Oregon. Is there a minimum amount of time on a job required before qualifying for or applying for a home mortgage? ~~Current employment has been for almost 8 years. ~~
0 votes Thank Flag Link Tue May 17, 2011
Yes, that is what I figured and you will be fine as long as you still qualify from a credit and income perspective.
0 votes Thank Flag Link Tue May 17, 2011
David Burnham----Thank you the reply to my posted question. And NO I didn't mean buy now and move later.....I meant purchase a home down in California in 3 or 4 years from now and move in it, after of course selling my current home here in Oregon that I have been paying an FHA loan for, for the past almost 2 years! Now do you see what I mean? ~~
0 votes Thank Flag Link Tue May 17, 2011
If I follow what you are saying, you want to buy a home in California with an FHA loan now, but only move in the next 3 or 4 years? Or are you just looking 3 or 4 years into the future? FHA rules basically state that it needs to be your primary residence with 60 days and remain that way for 12 months. As long as you meet these guidelines and can qualify for the loan, you will be fine.
0 votes Thank Flag Link Tue May 17, 2011
Thank you Mr. Dennis London for reply back to my posted question! ~~
0 votes Thank Flag Link Tue May 17, 2011
If your ratios and credit score are in line, you can get and FHA loan in several states - as long as you qualify
0 votes Thank Flag Link Tue May 17, 2011
How do I respond back to someone's posted message to my question I posted on here? Anyway, no I haven't started looking for a home to purchase yet in Lincoln, CA. or the Sacramento, CA. areas yet. I'm just trying to get ideas, suggestions, information at this point in time. Regarding FHA loan, I have one right now that I've had for almost 2 years, but I want to try to sell my home in Oregon in order to move down to the Lincoln, CA. or Sacramento, CA. area in about 3-4 years from now. But what I meant by FHA question was that I would only be putting down part of the money for the down payment and then taking I guess another FHA loan to make mortgage payments on remaining balance of purchased home down in California! Thought
s? Comments? Information? Anything? Thank you MR. DENNY who responded to my previous question.
0 votes Thank Flag Link Tue May 17, 2011
What do you plan on doing with your current home with the FHA mortgage? What is the purpose of the home you want to buy? It may be possible to have 2 FHA mortgages but more information is needed.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Tue May 17, 2011
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