do u need down payment on a mortgage loan if u r qualified for an FHA loan... my very first mortgage loan ten years ago was an FHA.. i sold my house two years ago.. Can i qualify for another FHA loan
- Expert8675309Lv 71 decade agoFavorite Answer
FHA is not first-time buyer program and I have no idea of why people think that it is.
You cannot buy a home without any money in the deal...you'll have to have earnest money, some pre-paids. The only thing FHA allows you to do is to put down less than other programs, but you'll pay MIP to compensate for that.
You can only have 1 FHA loan at a time, and it must be your primary residence.Source(s): Many, many years as a real estate agent/broker as well as a former mortgage underwriter/broker, and as always, followed by my Y!A "thumbs down" stalkers.
- Dale HLv 41 decade ago
The statutory investment requirement for FHA loans is 3% at present. However, you can use gift funds or a grant from a non-profit or an approved 2nd mortgage for the 3% if you don't have it yourself.
Yes, you can get an FHA loan again provided you don't owe the federal government for any debts (e.g. deficiency judgements, defaulted student loans, etc.).
Good luck.Source(s): 7 years mortgage lending experience.
- Quicken LoansLv 51 decade ago
Yes, you can get another FHA loan, assuming you qualify. FHA loans require a 3% down payment.
- 1 decade ago
Yes, you would be able to use FHA again for another loan. if you are interested in getting prequalified, you can contact me at 412-875-6599. My name is J. Webber and I am the owner of Loanstarr Mortgage.