“We can Absolutely do another FHA Mortgage for this Client”
Good morning Joe, hope all is well.
This couple we did bought a home in Springfield a couple of years ago. They are now asking me about purchasing in Hamden or Wilbraham and how much money they would need to come up with. For sure they want to use you for their mortgage again. Just so you know they thought the world of you.
We’d have to sell their place in Springfield which I couldn’t imagine being a problem. I’m being proactive coming to you they haven’t ask to go that far yet. Would they be able to do another FHA 3.5% down loan or will it change this time around?
Norm
You cannot have two FHA loans at the same time but as they are planning on selling their current home, there is no issue. By the way there are exceptions to the guideline of not having two FHA loans at the same time. Let me know if you want to know the exceptions.
There is this misconception that you must be a first-time home buyer to be able to obtain an FHA loan, which is totally NOT true.
