qualifying for a FHA loan?
I am currently looking at a foreclosed home. The home is a hud home. financing is avaliable threw fha. I already own a home. Will I still qualify for an fha loan since I am already a home owner?
- Anonymous1 decade agoFavorite Answer
FHA is for first time buyers that is trying to get a start in life you need to go a bank and see if they can help you out
- 4 years ago
Hi Polittle, If you don't have the down payment for an FHA loan, and can't get the first time homebuyer 2nd mtg Bob mentioned, there is another way to save up the downpayment. I have a couple of friends who did this recently. Your husband can change his paycheck tax withholding to "exempt". Then, save the extra take-home money until you have the down payment. Then, change the withholding back. Basically, you will be borrowing the down payment from the IRS. When taxes are due, you can make arrangements to pay what you owe in installments. It works out to be a really cheap loan, and the IRS is easy to deal with. This won't show on your credit report as any debt owed, as long as you don't default on your payments, which won't become due until after you file taxes next April.
- Anonymous1 decade ago
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