Mailyn, Home Buyer in 95630

will i qualify for the fha loan if i'm a first time home buyer in ca but had previously owned a house in nc?

Asked by Mailyn, 95630 Mon Aug 3, 2009

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Jim Walker, Agent, Carmichael, CA
Mon Aug 3, 2009
Others have written about the federal tax credit. So I will answer the FHA part of the question. You do not have to be a first time home buyer to obtain an FHA loan. - You just have to be an owner occupant buyer.
1 vote
Jesse Sierra, Agent, Pomona, CA
Mon Aug 3, 2009
Hi Mailyn.
You can't have 2 FHA mortgages.
Unless you transfered to a different job or got divorced.
Is the house in NC paid off, sold or still paying a mortgage?
Talk to a direct lender or broker.

Good luck,

Jes Sierra, B.Sc., Realtor®
1 vote
Donna Meyers, Agent, El Dorado Hills, CA
Tue Sep 8, 2009
There may be California tax credit available. Recently I was reading about something in California regarding new home purchases. So doing your homework will surely pay off in the long run. Most loans are going FHA and most loans years ago were conventional so the probablity is high that your previous house was not FHA. That is something that most of us realtors and/or title reps can help you out with.
0 votes
Robert Hyder, Mortgage Broker Or Lender, Milford, CT
Tue Aug 4, 2009

Just because you previously owned a home does not disqualify you from getting an FHA loan. However, depending on when you owned your first home will determine if you are eligible for the $8,000 first-time homebuyer tax credit. The definition of a first-time homebuyer is someone who has not owned an interest in a primary residence in the previous three years. If you owned the house in North Carolina within the past 3 years, unfortunately, you won't be eligible for the tax credit when you purchase your home in California.

Total Mortgage Services is an approved FHA lender. Check out our web site and give us a call. A licensed mortgage professional will help answer all of your financing questions and get you the lowest FHA rate available.

Best of luck!

Total Mortgage Services
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0 votes
Melody Sarge…, Agent, Folsom, CA
Mon Aug 3, 2009
There is a lot of good advice here. To determine a buyer's eligibility for the first time buyer program, you will need to show a mortgage person(bank, credit union etc.) the last three years of tax returns. If you have not deducted a home mortgage on these returns, you should qualify for the tax credit. If you wish to use an FHA loan to purchase here in California, the house in NC may not have an FHA loan on it in your name at this time. Please let me know if I can help (916) 747-7995 Melody, Thanks for asking :)
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Erin Newingt…, Agent, Elk Grove, CA
Mon Aug 3, 2009
Just so you know you do not have to be a first time home buyer to take advantage of an FHA loan program.
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Sue Archer R…, Agent, Palm Harbor, FL
Mon Aug 3, 2009
Without knowing the actual tax statute, I rely alot on the information that I receive from the National Association of Realtors. Here is the website that speaks to all aspects of the 'American Recovery Reinvestment Act. Thai might help.…

Otherwise, I rely on a CPA named Ed Cook at (916) 705-4958...who can answer any question for you very easily.

The factors involved in answering your question depend on how long ago you owned the home in NC and what your inocme level is. Ed also just returned from a week long seminar hosted by the IRS and may have some insight as to whether it's likely the new law will pass with the rumored $15,000 tax credit.
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Michelle Tho…, Agent, El Dorado Hills, CA
Mon Aug 3, 2009

I also want to point out that you may qualify for the first time home buyer credit if you have not owned a principal residence in the last three years. I.E You have been renting for 3 years or your NC home is a rental. There is also income restrictions to this credit so it is best to talk to a Tax Advisor. If you need additional information, please do not hesitate to email me directly. I can also forward a local Tax Advisors name and number.


Michelle Thompson
Lyon Real Estate
DRE Lic. 01850154
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