I owe a condo and have an fha mortgage, can I buy another (bigger) property WITH my girlfriend using an FHA as well?

Asked by Pablo, Chicago, IL Thu Jan 23, 2014

the condo is under my name only. I understand you cannot have more than ONE cha mortgage but buying a bigger place with someone else might quality as being a "different buyer" (me, vs, me and my gf?

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10
, ,
Fri Jan 24, 2014
Hi Pablo,

In June of this past year FHA changed their guidelines so that MIP is paid for the entirety of the mortgage term instead of canceling after 5 years plus they raised the amount of the MIP.

You may want to consider a convention mortgage with 5% down payment instead of 3.5%, MI on conventional mortgages is usually much lower than FHA. If you and your girlfriend can swing 10% I can do a 80-10-10 with no MI!

Let me know if you need to get pre-qualified to put an offer in, you can go to my secured website and apply 24/7, get a free credit report and a pre-approval letter for qualified borrowers in 15 minutes! Plus $150 off your closing costs!

My team is one of the top1% producing teams in the country and we do our own underwriting in house, our turn-around time is less than two weeks for closing once all the documents are in.

http://www.guaranteedrate.com/MaryKayLaurent

Give me a call, I would be happy to work with you
Mary Kay Laurent Associate Vice President of Mortgage Lending marykay.laurent@guaranteedrate.com
http://www.guaranteedrate.com/MaryKayLaurent
o: 773.516.6859 - m: 312.403.4150 - f: 773.516.6014
3940 North Ravenswood , Chicago, IL 60613 NMLS ID: 870598
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1 vote
Bill J Delig…, Agent, Naperville, IL
Wed Feb 19, 2014
Only one FHA loan at a time, but nothing stopping you from qualifying for a Conventional Loan.
0 votes
Manuel Brown, Agent, Chicago, IL
Fri Jan 24, 2014
Pablo,

Mary Kay is fabulous. Remember speaking with her directly is at no cost to you. She will give you all the ins an out and I guarantee she will find you the best financing.
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Fri Jan 24, 2014
You can have more than one FHA loan if you have 25% equity in the home and if you have extenuating circumstances. There are a few - like relocation for work, increased family size, etc. You need to qualify for both mortgages too. Before you decide, you may want to check with a lender to see if you qualify.

Your girlfriend can buy a home if she can qualify and you can live in it - but she would need to qualify based on her income only. Again, check with a lender.

If you want to rent your home, you do need to check the terms of your condo if you can rent. And of course you can sell.
0 votes
, ,
Fri Jan 24, 2014
Pablo when you obtained your FHA mortgage for your condo, it was because it was your primary residence. A FHA mortgage can only be used for primary residence purpose. You can only have one primary residence at a time. What is your intention with the condo (sell it, rent it OR keep it)??

As with other posts, why would you NOT consider a CONVentional mortgage that you + your GF can obtain together with your new primary residence.
0 votes
, ,
Fri Jan 24, 2014
You can only have one FHA loan. However, we have a bunch of different products that have agresssive down payments (as little as 3%) along with down payment assistance programs (grants up to $10,000) depending on your income and the area you are buying in.

Feel free to call or email if you would like a little more info.

Greg Moore
773-358-7895
Gmoore@wintrustmortgage.com
0 votes
Santiago Ken…, Agent, Chicago, IL
Fri Jan 24, 2014
No con un FHA , si ya tienes un prestamo fha creo que no puedes con un segundo , pero tienes otra opciones posiblemente mejor para comprar un piso en Chicago
0 votes
Santiago Ken…, Agent, Chicago, IL
Fri Jan 24, 2014
No with an FHA , you have another loand programs better that FHA
0 votes
No FHA only allows for one loan. However there are some great conventional products that allow for as low as 5% down. You just have to find the product that works best for your situation.
Flag Fri Jan 24, 2014
Matt Laricy, Agent, Chicago, IL
Thu Jan 23, 2014
I dont believe you would. Call a lender and they will be able to walk you through the process.
0 votes
, ,
Thu Jan 23, 2014
You would not be able to be on the loan if it is FHA. Your girlfriend would have to qualify by herself. However, its not that much more difficult to qualify for a conventional loan with only 5% down payment. Then you could both be on the loan. Feel free to contact me.

Matthew Roder
VP of Mortgage Lending
Guaranteed Rate
matthew.roder@guaranteedrate.com
630-388-9533
0 votes
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