"For many buyers, FHA loans make homeownership more accessible thanks to lower down payment requirements and flexible credit guidelines. But what if you already own a home? Can you still get an FHA loan? The short answer is yes, it's possible, but with some important conditions and restrictions. In this Redfin article, we'll break down when you can qualify for a new FHA loan while owning another property,"
"What is an FHA loan? An FHA loan is a government-backed mortgage insured by the Federal Housing Administration . Designed for low- to moderate-income borrowers, FHA loans typically require: A down payment as low as 3.5% (with a credit score of 580 or higher) More flexible credit score requirements compared to conventional loans FHA mortgage insurance premiums (MIP), which protect lenders in case of default"
"Can you get an FHA loan if you already own a home? Yes. Owning another home doesn't automatically disqualify you from getting an FHA loan. However, FHA loans are intended for primary residences, so the new property must be the home you'll live in. Since you can't typically have multiple FHA loans at once, the key question is whether you plan to live in the new property full-time."
FHA loans are government-backed mortgages insured by the Federal Housing Administration and target low- to moderate-income borrowers. They allow down payments as low as 3.5% with a credit score of 580 or higher, offer more flexible credit requirements than conventional loans, and require FHA mortgage insurance premiums (MIP). FHA financing must be used for a primary residence. Owning another property does not automatically disqualify a borrower, but borrowers are typically limited to one FHA loan at a time. Approval depends on intent to occupy the new property full-time. Certain exceptions and alternative financing options can apply.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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