FHA loans?

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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

  1. Reply
    Dale H
    February 22, 2011 at 9:56 am

    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.

  2. Reply
    Expert Realtor
    February 22, 2011 at 10:51 am

    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.

  3. Reply
    j. webb
    February 22, 2011 at 11:50 am

    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.

  4. Reply
    Quicken Loans
    February 22, 2011 at 12:01 pm

    Yes, you can get another FHA loan, assuming you qualify. FHA loans require a 3% down payment.

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