my friend said i will not get FHA loan for new home if i sale current house which is have FHA loan i have to 3 year? please help for true

Asked by Merry, Anaheim, CA Tue Jun 12, 2012

my friend said i will not get FHA loan for new home if i sale current house which is have FHA loan i have to 3 year? please help to find Fha true rules.

Help the community by answering this question:

+ web reference
Web reference:


Gregorio Den…, , San Diego, CA
Tue Jul 24, 2012
Thumbs up yet again John!

FHA does not object to borrowers obtaining multiple FHA-insured mortgages in the following situations:

Non-occupying coborrower/ cosigner

A borrower may be qualified for an FHA-insured mortgage on
his/her own principal residence even if he/she is a non-occupying
coborrower with a joint interest in a property being purchased by
other family members as their principal residence with an FHAinsured mortgage.


A borrower may be eligible to obtain another FHA-insured
mortgage without being required to sell an existing property
covered by an FHA-insured mortgage if the borrower is
• relocating, and
• establishing residency in an area outside reasonable commuting
distance from his/her current principal residence.
If the borrower subsequently returns to the area where he/she owns
a property with an FHA-insured mortgage, he/she is not required to
re-establish primary residency in that property in order to be
eligible for another FHA-insured mortgage.
Note: The relocation need not be employer-mandated to qualify
for this exception.

Increase in family size

A borrower may be eligible for another home with an FHA-insured
mortgage if the number of his/her legal dependents increases to the
point that the present house no longer meets the family’s needs.
The borrower must provide satisfactory evidence
• of the increase in dependents and the property’s failure to meet
family needs, and
• that the Loan-To-Value (LTV) ratio equals 75% or less, based on
the outstanding mortgage balance and a current appraisal. If not,
the borrower must pay the loan down to 75% LTV or less.
Note: A current residential appraisal must be used to determine
LTV compliance. Tax assessments and market analyses by real
estate brokers are not acceptable proof of LTV compliance.

Vacating a jointly owned

A borrower may be eligible for another FHA-insured mortgage if
he/she is vacating a residence that will remain occupied by a
Example: A couple is divorcing and the vacating ex-spouse will
purchase a new home
2 votes
They need to allow us to do thumbs down. Some of these answers are truly amazing!
Flag Tue Jul 24, 2012
Morcos Azer, Agent, La Habra, CA
Mon Oct 15, 2012
I agree with Gregorio Denny. He explaned in details.
1 vote
Soila Thomps…, Agent, San Diego, CA
Sat Oct 6, 2012
Short answer - Robert is right. there is no waiting period.

Soila Thompson
0 votes
Robert Chome…, , San Diego, CA
Tue Jul 24, 2012
If you have a house with a FHA loan on it, you can sell that house pay off that FHA and get a new FHA loan immediately. There is no 3 year wait.
0 votes
Scott Fredri…, , Orange County, CA
Tue Jul 24, 2012
no loan programs available, the only option is to sell your home..
Call PacWest Properties at (800)316-5913 ext 2501, they can help you if you would like to sell your home.
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Tue Jul 24, 2012
you may only have one FHA loan at a time.
If you co signed for FHA loan, you cannot get another until you are off that loan.

On FHA loan per customer.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Fri Jun 15, 2012
Hello Amir,

FHA loans are for first time buyers. If you own a home now that you purchased using FHA financing, you will not be able to get an FHA loan to purchase a replacement home upon the sale of your current home.

You can be a first time buye more than would have to sale your current home and not own a home for three years,in order to be considered a first time buyer again.

Best of luck to you.

Kawain Payne, Realtor
0 votes
Samira Nasri, , Anaheim, CA
Wed Jun 13, 2012
You Have to sell your home Standard Sale (not Short or Foreclosure)Get Excuted HUD-1 and apply for a new FHA loan
Sam Nasri
Real Estate & Mortgage Broker
Web Reference:
0 votes
Grant Fawcett, Mortgage Broker Or Lender, Tustin, CA
Tue Jun 12, 2012
Not true.

As long as your FHA loan is with a primary residence this is non - issue.

Please call my cell direct @ (949) 212-4578 if you need further assistance.

Best regards,

Grant Fawcett
Mortgage Baker
Castle & Cooke Mortgage
Cell: (949) 212-4578
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Jun 12, 2012
You need to speak to a lender in your area. Or you can ask "Shane Milne" on Trulia. He's a very knowledgeable lender and will definitely be able to lead you in the right direction.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more