Can I takebout an FHA loan?

Asked by Christina Michael, Houston, TX Wed May 9, 2012

My mom had my name put on her deed 6 years ago and bever got it switched back. There is no mortgage and I have never taken out a loan for a house. Can I take out an FHA loan?

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Tommy Burris’ answer
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Wed May 9, 2012
Adding to what Michelle said.

You can't ALWAYS have two FHA loans..... there are situations where you can absolutely have 2 FHA loans.

But with the paid off mortgage.... you are fine.
FHA is NOT a First Time Home Buyer loan. It is just another option for financing.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
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1 vote
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu May 10, 2012
Per Chapter 4, Section B of the HUD 4155.1 (This is the FHA Bible) downloadable for free from the HUD.gov website.... (my source isn't some statement made by a home seller on Trulia in 2008)

You can have 2 FHA Mortgages for the following reasons.
1. relocation
2. increase in family size
3. vacating a jointly owned property(divorced and spouse got old house yet you are still on the loan)
4. non-occupying co-borrowers(mom & dad can co-sign on an FHA loan even when they already have one)

Like I said before.... You CAN have more than one FHA loan. I have done these deals.
You need to get your answers from the right source. Realtors shouldn't answer loan guideline questions. I certainly wouldn't answer a real estate transaction question.

I only provided this information because many people read these Q&As and could get 100% wrong information if I didn't correct the bad info in this Q&A.

All of that said. It doesn't matter.
FHA is not a First Time Home Buyer loan. And the old home in your name DOES NOT prevent you from getting an FHA loan today.

Let me know if I can answer any more of your FHA questions!!
Tom


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Thu May 10, 2012
Hi Christina,
Just thought I would share what a seller posted on Trulia about the FHA situation. As I mentioned before you cannot have two FHA loans. They are for owner occupants.
0 votes
Christina Mi…, Home Buyer, Houston, TX
Wed May 9, 2012
Okay great! Thanks so much!!!
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Wed May 9, 2012
Yes. FHA isn't only for first time buyers. You just can't have 2 FHA loans. So if there is no mortgage on the current home you should be fine depending on your qualifications.
0 votes
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