Q&A: Are fha mortgages available to those that are selling a current property and want to purchase a new residence?

Posted on Aug 30, 2012 in FHA Information

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Question by vixxen: FHA loans do not allow default on a Federal Loan.What if I pay off the loan prior to applying for FHA mortgage?
Will I get the loan? I have about 10% down…

Best answer:

Answer by Jay C
First of all, decease if you have a previous foreclosure(does not matter if it is FHA/VA/Conventional), information pills you MUST wait 3 years before you are eligible to apply for another FHA loan. This is the critera from the FHA itself. So if it has not been 3 years, I’m afraid you are not eligible for an FHA.

Secondly, if it has been 3 years since the foreclosure, and if you HAVE perfect credit since, you may be APPROVED for another FHA. HOWEVER, FHA will TYPICALLY REQUIRE that any outstanding collection accounts be paid BEFORE being able to close on the loan. So whatever amount is showing on any collection(including your foreclosure), must still be paid before you can close.

I wish I had better news for you but unfortunately this is the criteria for an FHA

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Question by sakof90s: FHA inspections – how fast can they be done?
How fast can an FHA inspection for approval be completed? We are selling our condo and buying a house. We are in escrow in both processes. Of course we need to sell to get the down payment for the purchase. Today, sickness our agent called to see if the condo we are selling has been inspected and approved by the FHA. I’m not sure but it sounds like the buyer’s lender wants FHA backing. To our knowledge, website the condo has not previously been approved. We are locked in at a decent mortgage rate, ambulance but there is an expiration date for that lock-in. I don’t want to lose the rate and wonder how long it will take to have the FHA do their inspection of the condo and approve the backing. We live in So. Calif. Any advice would be greatly appreciated. Thank you.

Best answer:

Answer by boo76
Typically if his/her buyer is doing an FHA loan, then the loan company that is doing it for them needs to send their own inspector over. It’s not up to you…the only time you get an inspection is if you wanted to certify that your home is somehow a good buy or something…like a “for the record” type thing….

If the buyer is doing an FHA loan, then the lender should be sending an inspector over anywhere from 30 days before the closing and up until about 2 weeks from the closing.

When is your closing date for the buyer? If it is w/in the next 30 days expect someone to come inspect the home in the next few days to couple weeks…

Hope that helps….

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low mortgage rates
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Question by John L: low mortgage rates, order how long will they last?
Since the bailout of Freddie Mae and Freddie Mac, viagra mortgage rates fell, correct?

1. Why?

2. How long will this last? I’m looking to buy a house within the next two months, and I don’t want to miss the low rates.

Best answer:

Answer by Howard L
Mortgage rates have dropped a bit this week. Due to Freddies I don’t really know. How long will they stay low. I’d be a multi-millionaire if I could predict that.

When you apply for and get approved for a loan you can lock the rate for a period of time 15-90 days depending on the mortgage company and how much your willing to pay for an extended lock. 30 days is usually included at no charge. You have until the end of the lock period to actually take out the loan. You’re usually out nothing but the application fee if you back out of taking that loan.

So if you’ re happy with todays rates apply for a loan with a lock period that fits your plans.

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Question by Anna Z: Are fha mortgages available to those that are selling a current property and want to purchase a new residence?
Our family grew and our 1 bedroom condo is up for sale. We will be renting it out until someone buys it. We are currently renting a home and would like to purchase it if we qualify for the mortgage. Obviously that would not make me a first time buyer, approved but was wondering if an FHA mortgage is an option. Thanks

Best answer:

Answer by glenn
FHA is available and used very often by people. You will need to check with a loan officer to see if you are qualified. Use someone local. You may communicate with them still by email or such but you want to be able to walk into their office And “face to face” if needed- Trust that advice.

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  1. yes it is. The biggest problem you may have is budgeting for a new purchase if the condo does not have at least 30% equity in it and trying to use a lease to off set the payments
    I am a mortgage banker in TN

  2. Sure as long as you qualify.