Home Buying in Columbus>Question Details

Tmenz, Home Buyer in Winston Salem, NC

I'm a first time home buyer, but my husband has bought two homes previously. Would we qualify for an FHA loan?

Asked by Tmenz, Winston Salem, NC Sat Nov 5, 2011

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It depends on everything other than if you are a first time home buyer or not. If your hubby owns another home that is financed with an FHA loan then maybe not. The easy way is to have your Realtor hook you up with the lender they trust the most, gather all of your support documentation and meet with the loan officer face-to-face, only then can you be sure. Hope this is helpful.
0 votes Thank Flag Link Mon Nov 7, 2011
You may talk to a mortgage banker.What I think is if this is if this is your primary residence You may qualify for FHA loan.Thank you.
0 votes Thank Flag Link Mon Nov 7, 2011
Hi Timenz,

A good question. You might wish to speak with a lender you know and trust or a reputable lender in your area to seek advice about FHA loans. You might also want to look at the following web site for more information.

banking.about.com/od/mortgages/a/fhaloans.htm This site may help you with some answers.

All the best,
Jeffrey Paeltz,SFR
0 votes Thank Flag Link Mon Nov 7, 2011
Tmenz, the only restrictions on FHA mortgages are that they are for owner occupied property.
0 votes Thank Flag Link Sat Nov 5, 2011
FHA loans are not limited to first time buyers. I have worked with folks who were not first time buyers, and they used FHA loans. I have also been through the FHA loan process with many buyers and sellers whose buyers used them, so I know quite a bit about the ins and outs, dos and don'ts. Your lender can tell you if there are exceptions to who can get the loan. Contact me and I can get you in touch with lenders who have successfully done FHA loans.
0 votes Thank Flag Link Sat Nov 5, 2011
It's also worth mentioned that you may only have one FHA Insured Loan at a time UNLESS you relocate and have 30% equity in the home, or your family grows. But it sounds as though your husband does not currently own a home with an FHA Insured Loan.

Please feel free to contact me if you have any further questions about purchasing or financing a home in Central Ohio. You may also visit our website using the link below, here you'll find a wealth of information for first-time home buyers, the steps to buying a home, information on local communities and schools, and our local market in general.
0 votes Thank Flag Link Sat Nov 5, 2011
Being a first time home buyer does not really mean that you have never bought a house before, it simply means you have not bought one in some amount of years. I think it's 3 or 4 but I am not sure. I have not sold a house to a first time home buyer in 9 or 10 years.
0 votes Thank Flag Link Sat Nov 5, 2011
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