I want to Buy a Residential property to live and now i have a 2 Flat with FHA , can i used another FHA ? i dont have a large downpayment

Asked by Alisa Stonishlova, Chicago, IL Wed May 1, 2013

I bought a biulding with an FHA with 5% down my montly payment is $1400 in Linclon Square Chicago...and i rent one unit for $1350 and another for $1400 and i live in the Garden.
Now i want to buy a single family house for 150k ....but i dont have a lot of for the downpayment ...can i buy this with another FHA ? or a low donwpayment ? would my rate be higher ? my credit Score is 700 , and i make about 7k montly
Thank you for you consideration

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Thu May 2, 2013
Alisa, you can go FHA again as long as it has been more than 3 years since your last FHA loan. Talk to a local mortgage broker regarding your options. Regarding down payment FHA requires 3.5% down payment and be sure to ask for 6% seller contribution to cover your closing costs.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years

We also have a DIY service.
0 votes
Manuel Brown, Agent, Chicago, IL
Thu May 2, 2013
Hi Alisa,

My go to person is Mary Kay Laurent with Guaranteed Rate at 773-516-6859. It is at no cost to you and she is AMAZING!
0 votes
JIM Michaels, Agent, Chicago, IL
Thu May 2, 2013
Great question for Wesley

Our Team | United Equity Mortgage Corp.
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
0 votes
Ivan Sagel, Agent, Chicago, IL
Thu May 2, 2013

The first question is why are you looking to move? I think you can buy a new home with FHA if there is a compelling reason (job change, growing family, etc...). There may also be low down payment conventional loan options available to you. I have some great lenders I can refer you to and I can negotiate some of the closing costs to be covered by the seller for you.

Best regards,

Ivan Sagel
0 votes
Matt Laricy, Agent, Chicago, IL
Wed May 1, 2013
You can only have one FHA loan at a time.
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed May 1, 2013
Usually only one FHA loan at a time is allowed - some exceptions as in growing family size, relocation and a few others.

Speak to a lender and see if you qualify for a conventional loan with a low down payment.
Web Reference:  http://www.BJDLOANS.com
0 votes
Randall Lanc…, Agent, Chicago, IL
Wed May 1, 2013
One of my preferred lenders has some great deals going on, please give me a call at 773.810.9646 and lets touch base.....and I would like to recommend that you utilize my free website at http://www.idealhomesinchicagoland.com. You will be able to search for properties throughout Chicago and the surrounding areas. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have.
0 votes
Jose Hernand…, Agent, Chicago, IL
Wed May 1, 2013

I believe you're allowed to have one FHA loan only, but check with a lender. Also, there's some conventional financing available with as little as 5% down.

Good luck!
0 votes
Jeff Nobleza, Agent, Chicago, IL
Wed May 1, 2013
Call Bernard Dugandzik at 847 508 0190 as he is a great and honest lender who can advise you. If you can come up with 5 percent down you may want to do conventional financing instead of FHA as FHA has high upfront and ongoing PMI costs.
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