Can you be approved for a FHA mortgage loan if I already have a mortgage loan that is a conventional mortgage?

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The house that I have a mortgage has been sold as a contract for deed. The house that has the mortgage is within 50 miles of where I want to move to.

Thanks!

6 Comments
  1. Reply
    mister ed
    January 26, 2011 at 6:57 am

    yes as long as this is your primary home!!!

  2. Reply
    financing_loans
    January 26, 2011 at 7:39 am

    Yep…

    Sorry dont know what else to say, you just have to intend to purchase the home owner occupied. You can actually have more then 1 FHA mortgage. Lets say your current home is FHA but you are moving 20-50 miles away, you can get another.

    Anyway the answer is YES

  3. Reply
    kemperk
    January 26, 2011 at 8:36 am

    mortgage brokers find lenders; daily
    the offerings for loans change; maybe
    you can get a new loan; ask a m broker!

  4. Reply
    melanie j
    January 26, 2011 at 8:48 am

    Yes. I am a mortgage loan officer and we are FHA approved so in doing this every day I can tell you with a firm yes that you can. Next though they will look at your credit to determine if you qualify and make sure your debt ratios are in line.

  5. Reply
    Samirah
    January 26, 2011 at 9:14 am

    Yes, as long as you intend to live in the home.

  6. Reply
    Amari
    January 26, 2011 at 10:09 am

    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

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