Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 8 years ago

Is an FHA loan for people that have already bought a house?

We are moving to Texas and noticed that our loan papers say this is for a FHA loan. This will be our third home we have bought. I thought FHA loans were for first time home buyers? are they not?

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  • 8 years ago
    Best Answer

    FHA loans are most commonly used by first time home buyers but can be open to others. The main requirments are

    FHA Loan Qualifying Summary

    ...............................................................................

    FHA loans are the easiest type of real estate mortgage loan to qualify for. This is from the FHA site

    Basic FHA loan requirements.

    Two Years of steady employment, preferably with same employer.

    Last two years Income should be the same or increasing.

    Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all.

    Bankruptcy's must be at least two years old, with perfect credit since discharge.

    Foreclosure's must be at least three years old, with perfect credit since.

    Your new mortgage payment should be approximately 30% of your gross (before taxes) income.

    These are some of the most basic of FHA loan requirements for qualifying for a FHA loan. If you have answered yes to most of these statements, you probably qualify for a FHA mortgage loan.

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