Can i get an FHA loan if i already own a home?

[NY1]

Can i get an FHA loan if i already have a home? The home i live in now i plan on renting out and moving into another home. Can i get an FHA loan on my new home and if so with what requirements?

[dm415]

FHA does primary residences only.

[JoeBankrupt33]

When I bought my house in CO, I used FHA, and their requirement was that you don't have another FHA property, unless it is a certain distance away. Basically, they don't want you to become a landlord.

In my case, I did have another FHA property, but it was in TX and I moved and rented it out because I was laid off.

[ABC]

Can i get an FHA loan if i already have a home? The home i live in now i plan on renting out and moving into another home. Can i get an FHA loan on my new home and if so with what requirements?

Yes, as long as it's a primary home and you don't currently have an FHA loan. You can get a 2nd FHA loan only if you have a forced job transfer.

BTW , you can use rental income from your old house only if you have 25 percent equity otherwise you'd have to qualify with both payments.

[NY1]

Yes, as long as it's a primary home and you don't currently have an FHA loan. You can get a 2nd FHA loan only if you have a forced job transfer.

BTW , you can use rental income from your old house only if you have 25 percent equity otherwise you'd have to qualify with both payments.

Wow ...so if i have a home worth $200,000 and a $190,000 mortgage and my rental income is say $600 above my mortgage payment...i still cant claim the rental income because i dont have 25% equity?

[ABC]

Wow ...so if i have a home worth $200,000 and a $190,000 mortgage and my rental income is say $600 above my mortgage payment...i still cant claim the rental income because i dont have 25% equity?

That is correct and it changed in Sept of 2008 .
Actually you could never claim "600 above your mortgage" but only use rental income to offset the payment.

[NY1]

So if i cant get an FHA loan is my only option to wait 4 years to get a conventional loan?

[ABC]

So if i cant get an FHA loan is my only option to wait 4 years to get a conventional loan?

Conventional would need 30 % equity to use rental income.

I believe FHA is still shortest timeframe on BK 7 or even 13. 7 is 2 years from discharge and 13 you can do it with 12 trustee payments and if your payment is similar to your rent .

[NY1]

Conventional would need 30 % equity to use rental income.

I believe FHA is still shortest timeframe on BK 7 or even 13. 7 is 2 years from discharge and 13 you can do it with 12 trustee payments and if your payment is similar to your rent .

To get 20% equity i would have to wait 10+ years...so i cant get an FHA loan...and to get 30% equity i would have to wait like 15 years..in this market..so basically my future is screwed...GRRREAAATTTT

[ABC]

To get 20% equity i would have to wait 10+ years...so i cant get an FHA loan...and to get 30% equity i would have to wait like 15 years..in this market..so basically my future is screwed...GRRREAAATTTT

Well , this is only if you're departing your residence. If you move out now and start renting yourself , you technically would have a history of landlord, and it would not be a departing residence anymore. You'd need the rental income to show on Schedule E .

I don't intend this advice to coincide with any BK advice , only on how to use the rental income to qualify.

[NY1]

yeah that what i plan on doing...renting out my home and renting an apartment for 2 years then getting an fha loan....so then it will work?

[ABC]

Yes, it would under today's rules.