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Answers (7)
- daniellehman
- Contributions:3
FHA home loans do not require you to be a first time homebuyer. That is a common misconception. FHA only requires you to owner occupy the property.
I have many clients that own homes, and buy new homes with FHA loans, or sell their homes and buy FHA right away.
Call me if you have any questions at all...
Daniel Lehman
858-345-4725
I have many clients that own homes, and buy new homes with FHA loans, or sell their homes and buy FHA right away.
Call me if you have any questions at all...
Daniel Lehman
858-345-4725
- Marvin Collier, "MarvinCollierJr"
- Contributions:74
I agree with contact a local mortgage broker to check your qualification and options. If you have a favorite mortgage broker you have used in the past call that professional, if not I know a broker I can refer you to that I have used her about years with my clients and never had any propblems.
- Chris Gorno, "5 Star SoCAL Agent"
- Contributions:27
Hello Bailey149~
It is so nice to hear from someone who actually sold at the peak of the market and is now getting ready to buy more than likely at the very bottom of the market!! Do you have any idea how many millions of people wish they were in your shoes right now? Mortgage guidelines have definitely changed since 2005 and qualifying requires more stringent documentation, however FHA is fairly easy to qualify for. The property must qualify as well and be in decent condition. If you are considering condos or Townhomes, the complex myst be FHA approved. If you are buying a detacheed home, your options are much greater. A good REALTOR can help you through the process, so you may want to interview a couple to find a good fit for you! Yes you are considered a first time buyer again after 3 years. Good Luck Bailey149!!
It is so nice to hear from someone who actually sold at the peak of the market and is now getting ready to buy more than likely at the very bottom of the market!! Do you have any idea how many millions of people wish they were in your shoes right now? Mortgage guidelines have definitely changed since 2005 and qualifying requires more stringent documentation, however FHA is fairly easy to qualify for. The property must qualify as well and be in decent condition. If you are considering condos or Townhomes, the complex myst be FHA approved. If you are buying a detacheed home, your options are much greater. A good REALTOR can help you through the process, so you may want to interview a couple to find a good fit for you! Yes you are considered a first time buyer again after 3 years. Good Luck Bailey149!!
- Jerry Moscowitz, "Jerry Moscowitz"
- Contributions:39
Make sure the loan person you work with does a lot of new home buyer type loans. The easiest program for the lender is straight FHA or conventional but there are some good programs for new home buyers and there is a good chance you could qualify for that.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Contact a local mortgage broker to discuss options
- Cory La Scala, "San Diego CA Realtor"
- Contributions:419
You'll be fine, as long as you qualify again. And, congrats for selling before values fell! Also, we're in a buyer's market now, so be sure you use a lender that can close an FHA loan in 30 days, not 45. It'll make your offers stronger and more competitive. Warm Regards, Cory
- Katherine Cannon, "highheeledhomeowner"
- Contributions:107
Most first time home buyer programs consider someone who hasn't owned a home in three years to be a first timer.
Assuming your financial situation is good, you shouldn't have problems getting an FHA loan..
Assuming your financial situation is good, you shouldn't have problems getting an FHA loan..
i sold my home in 2005 and have rented since, do i qualify for FHA as a new homeowner
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