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Home Buying in 84501 : Real Estate Advice

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Activity 4
Sat Nov 7, 2009
Amy Marx asked:
Okay so long story short, we bought our first home with FHA and due to certain circumstances, had to move in with my parents. Instead of selling the house, we rented it out. My husband got…
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Sat Nov 7, 2009
Amy Marx asked:
We are looking at buying a second home but we currently already own a FHA mortgage. FHA says we are eligible for a second FHA loan if we are relocating for work purposes and it is not within…
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Sat Nov 7, 2009
Amy Marx asked:
We are looking at buying a second home but we currently already own a FHA mortgage. FHA says we are eligible for a second FHA loan if we are relocating for work purposes and it is not within…
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Sat Nov 7, 2009
Amy Marx answered:
I also found this on the FHA website. It says "Q. Can only a first time home buyer use the FHA loan program?
A. No. You can use FHA home loans as many times as you desire when buying a home or doing a mortgage refinance. The only guideline is that you cannot have more than one outstanding FHA mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing." Does this mean I would not have to refi my current home and I could actually have two FHA at once??? ... more
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