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Can I get an FHA Loan even if I've already bought a house?

I've already been a home owner, this was over 9 years ago. Do I still qualify for an FHA home loan or did I lose out on this? Home I'm looking at is 232k, and I want to make the lowest down payment possible. I have up to 25k to put in. Credit score around 737 and steadily employed. Thanks. by dennis_261_827 from Albany, New York. Dec 7th 2011 Reply


Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Hi Dennis, You did not lose out. You can get an FHA a loan. As long as your income qualifies for this purchase it sounds like you are good to go. The lowest down payment on an FHA loan is 3.5%. I would love to discuss with you further. Contact us! Michelle & Benny 201-962-3555 TeamAmbassador@BestMortgageOption.com

Dec 7th 2011
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Dan Paladin (dpaladin)
#1 ranked lender in California - 757 contributions

Hi Dennis...you can secure an FHA loan as long as you do not currently have an FHA loan, though there are exceptions...you do need to qualify with the standard guidelines and as pointed out the min. down with FHA is 3.5%...seek out your local mortgage banker or broker to advise you on how to proceed.Good luck!

Dec 7th 2011
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Blake Kleckner (BlakeK)
#391 ranked lender in California - 261 contributions

Contrary to what many people think, FHA loans are for everybody--first time buyers, previous homeowners, wealthy folks, or not so wealthy folks. All that is necessary is qualifying for the loan, and it's much easier with an FHA loan than a conventional one. In addition, depending upon the lender and the loan program, FHA interest rates can be .25% to .75% lower than conventional interest rates. On a home with a $232K purchase price and a 3.5% down payment, that means with an FHA loan you will save approximately $36 to $108 monthly compared to a conventional loan. You will, however, have to pay mortgage insurance for a minimum of 5 years (you would have to pay it also with a conventional loan with less than a 20% down payment, but, possibly; not for 5 years), and a 1% up front mortgage insurance premium which can be included in the loan. I hope this helps you, Dennis.

Dec 8th 2011
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Scott Irvine (Scott Irvine)
#7 ranked lender in New Jersey - 15 contributions

Dennis,Depending on what county you are in you maybe be eligilbe for a USDA which requires no money down or FHA which is only 3.5%. With you credit score and the 25k you have many options to choose from. If you have a moment and would like to discuss your current situation and objectives I would be happy to spend the time goiing over it with you.Scott IrvineSr. Consultant201.344.0154scott@mortgage-me.us

Dec 8th 2011
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

>>Do I still qualify for an FHA home loanYes. You can use the FHA program as many times as you'd like, it's not just for first time homeowners.

Dec 8th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You can apply for FHA financing... so long as you don't currently have an FHA loan now... FHA is for owner occupied properties only, and the down payment is 3.5%.... looks like you'll be fine.. WilliamAcres.com

Dec 8th 2011
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