Profile picture for krazynkaty

i own my house outright. can i get a fha loan to start purchasing a retirement home.

i have approx 15 yrs before i retire and could have a home paid off or nearly paid off.
  • October 28 2013 - US
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Answers (5)

Profile picture for PaulMcCausland
You certainly DON"T need to be a 1st time buyer to get an FHA loan. FHA only does owner occupied mortgages. What do you plan to do with your present home? Why do you want an FHA loan?
  • October 29 2013
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Are you talking about buying a new home for retirement? If so, it is possible to use an FHA loan except there are a few requirement. For one, you have to be a first-time buyer. FHA defines a first-time homebuyer as someone who has never owned a home before or if you have not been an owner in a primary residence for at least three years leading up to your purchase. In this case, since you own your own home, you may not qualify for an FHA loan. So you may want to consider a conventional loan which might be easier on you anyways since it will not have mortgage insurance. It may require 10%-20% down so that would need to be available.  Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • October 29 2013
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Yes, you should be able to cash out from your equity.   Depending on your situation, however, a conventional home loan maybe more beneficial.   
  • October 28 2013
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Hi,

FHA does allow for a cash out refinance.  If you wanted to refinance to pull cash out to buy another property, this is allowed.  If you're in California, contact me for details.
  • October 28 2013
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You would have to move in the new home and use as your Primary Residence if using FHA financing. If you have excellent credit you are better off using Conventional financing if you can put down 10%.
  • October 28 2013
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