Home Buying in 92805>Question Details

Merry, Other/Just Looking in Anaheim, CA

my friend said i will not get FHA loan for new home if i sale current house which is have FHA loan i have to 3 year? please help for true

Asked by Merry, Anaheim, CA Tue Jun 12, 2012

my friend said i will not get FHA loan for new home if i sale current house which is have FHA loan i have to 3 year? please help to find Fha true rules.

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Answers

10
Thumbs up yet again John!

FHA does not object to borrowers obtaining multiple FHA-insured mortgages in the following situations:

Non-occupying coborrower/ cosigner

A borrower may be qualified for an FHA-insured mortgage on
his/her own principal residence even if he/she is a non-occupying
coborrower with a joint interest in a property being purchased by
other family members as their principal residence with an FHAinsured mortgage.


Relocation

A borrower may be eligible to obtain another FHA-insured
mortgage without being required to sell an existing property
covered by an FHA-insured mortgage if the borrower is
• relocating, and
• establishing residency in an area outside reasonable commuting
distance from his/her current principal residence.
If the borrower subsequently returns to the area where he/she owns
a property with an FHA-insured mortgage, he/she is not required to
re-establish primary residency in that property in order to be
eligible for another FHA-insured mortgage.
Note: The relocation need not be employer-mandated to qualify
for this exception.


Increase in family size

A borrower may be eligible for another home with an FHA-insured
mortgage if the number of his/her legal dependents increases to the
point that the present house no longer meets the family’s needs.
The borrower must provide satisfactory evidence
• of the increase in dependents and the property’s failure to meet
family needs, and
• that the Loan-To-Value (LTV) ratio equals 75% or less, based on
the outstanding mortgage balance and a current appraisal. If not,
the borrower must pay the loan down to 75% LTV or less.
Note: A current residential appraisal must be used to determine
LTV compliance. Tax assessments and market analyses by real
estate brokers are not acceptable proof of LTV compliance.



Vacating a jointly owned
property

A borrower may be eligible for another FHA-insured mortgage if
he/she is vacating a residence that will remain occupied by a
coborrower.
Example: A couple is divorcing and the vacating ex-spouse will
purchase a new home
2 votes Thank Flag Link Tue Jul 24, 2012
They need to allow us to do thumbs down. Some of these answers are truly amazing!
Flag Tue Jul 24, 2012
I agree with Gregorio Denny. He explaned in details.
1 vote Thank Flag Link Mon Oct 15, 2012
Short answer - Robert is right. there is no waiting period.

Soila Thompson
0 votes Thank Flag Link Sat Oct 6, 2012
If you have a house with a FHA loan on it, you can sell that house pay off that FHA and get a new FHA loan immediately. There is no 3 year wait.
0 votes Thank Flag Link Tue Jul 24, 2012
no loan programs available, the only option is to sell your home..
Call PacWest Properties at (800)316-5913 ext 2501, they can help you if you would like to sell your home.
0 votes Thank Flag Link Tue Jul 24, 2012
you may only have one FHA loan at a time.
If you co signed for FHA loan, you cannot get another until you are off that loan.

On FHA loan per customer.
0 votes Thank Flag Link Tue Jul 24, 2012
Hello Amir,

FHA loans are for first time buyers. If you own a home now that you purchased using FHA financing, you will not be able to get an FHA loan to purchase a replacement home upon the sale of your current home.

You can be a first time buye more than once...you would have to sale your current home and not own a home for three years,in order to be considered a first time buyer again.

Best of luck to you.

Kawain Payne, Realtor
0 votes Thank Flag Link Fri Jun 15, 2012
You Have to sell your home Standard Sale (not Short or Foreclosure)Get Excuted HUD-1 and apply for a new FHA loan
Sam Nasri
Real Estate & Mortgage Broker
Owner of AMARI REALTY
Web Reference: http://www.amarirealty.net
0 votes Thank Flag Link Wed Jun 13, 2012
Not true.

As long as your FHA loan is with a primary residence this is non - issue.

Please call my cell direct @ (949) 212-4578 if you need further assistance.

Best regards,

Grant Fawcett
Mortgage Baker
Castle & Cooke Mortgage
Cell: (949) 212-4578
0 votes Thank Flag Link Tue Jun 12, 2012
You need to speak to a lender in your area. Or you can ask "Shane Milne" on Trulia. He's a very knowledgeable lender and will definitely be able to lead you in the right direction.
0 votes Thank Flag Link Tue Jun 12, 2012
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