Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
Can 2 people qualify for an FHA loan if 1 person is ...

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 685
US
California
Nearby States
- Alabama
- Alaska
- American Samoa
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Northern Mariana Islands
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virgin Islands
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Don't see it?

Find:
Fremont
Nearby Cities
- Accorn
- Accorn Industrial
- Airport
- Alameda
- Albany
- Altamont
- Arroya Viejo
- Ashland
- Bancroft Business
- Berkeley
- Brookshire
- Caballo Hill
- Canyon
- Castro Valley
- Central East Oakland
- Cherry
- Cherryland
- Chinatown/Central
- Coliseum Industrial Complex
- Colliseum
- Dublin
- East Pleasanton
- Elysian Fields
- Emeryville
- Fairview
- Farwell
- Harbor
- Hayward
- Hoover
- Kimber
- Livermore
- Lockwood-Tevis
- Lower Hills
- Lynn
- Mendenhall Springs
- Midway
- Montclaire
- Mountain House
- Newark
- North Oakland
- Oak Knoll-Golf Links
- Oakland
- Piedmont
- Pleasanton
- Sacanap
- San Leandro
- San Lorenzo
- Sunol
- Union City
Don't see it?

Find:
Cherry/Guardino
Nearby Neighborhoods
- 28 Palms
- Ardenwood
- Baylands
- Blacow
- Brookvale
- Cabrillo
- Cameron Hills
- Canyon Heights
- Centerville
- Downtown
- East Industrial
- Glenmoor
- Grimmer
- Irvington
- Kimber/Gomes
- Lakes and Birds
- Mission Hills
- Mission San Jose
- Mission Valley
- Niles
- Northgate
- Parkmont
- South Sundale
- Sundale
- Vineyards/Avalon
- Warm Springs
- Weibel
Don't see it?

Find:

Can 2 people qualify for an FHA loan if 1 person is currently a homeowner?

Contributions: 1

Q&A

:1

I am looking to buy my first house. In order to get a house (SF Bay Area), I'd like to get an FHA loan since I cannot put 20% down. I don't on my own qualify for a house, but my boyfriend is willing to help because after we get married we'll live together in the house. He currently owns a condo- will that automatically disqualify us? How can both of us purchase a home while he owns a condo? He can't sell- bought at mid-price and now is not a good time to sell. We want to rent his condo out- good area, beautiful condo- shouldn't be a problem finding a renter. What do you think? Any suggestions?

Flag content

June 13 - Cherry/Guardino

RSS

Answers (1)

Lew Corcoran, "Lew Corcoran"
Contributions: 905

Lew Corcoran, "Lew Corcoran"

Contributions: 905

Q&A

:531
Disc

:362
Photos

:12

Zillow All-Star

Since November 2009

View full profile

FHA mortgages are for owner occupied primary residences only. As you boyfriend is currently a homeowner, he will not be able to qualify for an FHA mortgage unless he moves out of the condo and into the new home with you. He will also have to provide evidence that he has in fact rented out his condo begininning with the time the settlement occurs on yoru new home. Evidence needed to satisfy underwriting requirements include a signed rental agreement, evidence of security deposit from the renter as well as evidence that the first or first and last month's rent has been paid in advance.

As you don't qualify on your own, and if your boyfriend is unwilling to rent out his condo now, then your own option is to have a blood relative co-sign your mortgage application as a non-occupant co-borrower. He or she will have to qualify with his or her credit scores as well as his or her current income and current debt load added to yours.

Flag content

June 13

Have a question? Ask it here.

Active Cherry/Guardino Real Estate Agents

HR Dadgar

30 listings

37 contributions
Timothy Crofton

11 listings

Local Expert
Chris Stewart

8 listings

Local Expert
Rondy Alstrom

8 listings

Local Expert
Jack Ferris

2 listings

Local Expert

See more Cherry/Guardino real estate agents

Question Can 2 people qualify for an FHA loan if 1 person is currently a homeowner?

Latest answer by Lew Corcoran
June 13

In Buying Process
1 Answer - 685 Views

See More

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Home Buying One Step at a Time

In Buying Process
Edited May 04

Guide A Buyer's Guide to Making the Right Choice

In Buying Process
Edited December 05 2008

See more articles about Buying Process

Current Mortgage Rates

Current Last Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:146px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by NJJensen

What area of the country will you retire in:

where I currently live

move to the Southeast

move to the Southwest

move to the West Coast

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

All Results (1)

Zillow FAQs (0)

Home Buying (0)

Home Selling (0)

Mortgage (0)

Housing Market (0)

Local Topics (1)

Home Ownership (0)

Home Improvement (0)

Home Q&A (0)

Pro-to-Pro (0)

Other (0)

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Can 2 people qualify for an FHA loan if 1 person is currently a homeowner?

Contributions: 1

Contributions: 905

Zillow All-Star

Have a question? Ask it here.

Active Cherry/Guardino Real Estate Agents

Related Questions

Question Can 2 people qualify for an FHA loan if 1 person is currently a homeowner?

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Nearby States

Nearby Cities

Nearby Neighborhoods

Can 2 people qualify for an FHA loan if 1 person is currently a homeowner?

Contributions: 1

Main Image

Answers (1)

Contributions: 905

Zillow All-Star

Have a question? Ask it here.

Active Cherry/Guardino Real Estate Agents

Related Questions

Question Can 2 people qualify for an FHA loan if 1 person is currently a homeowner?

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor