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Question by villalva’s: FHA Mortgage… Is a first time buyers program?
What’s is FHA Mortgage
Can anyone help me?
Best answer:
Answer by Hoopfan
Its a home loan that is guaranteed by the federal government. The main benefits are that it only requires a 3.5% down payment, discount and the credit standards are more leniant (only a 620 FICO score needed in most cases) than a convential loan.
FHA loans are not limited to first time buyers.
What do you think? Answer below!
The answer is NO, it’s not a first time buyers program. Nor are there any income limits. There are limits on the amount of the loan based on where you are buying the property. Your lender can tell you the limits for your area.
HOWEVER!, a borrower can only have ONE FHA loan at a time. This means, if you have a house with a FHA loan and you decide to rent it out and buy another house using FHA, you will not be able to.
I would also look at the USDA loan program.