| Author |
Previous Topic | Next Topic |
|
mdiprete
30 Posts |
 Posted - 08/26/2008 : 3:54:30 PM
|
i haven't done residential in a while. All commercial for a few years but a previous client i put into a FHA 2 unit O/O loan wants to buy a single family to live in. Can she keep the FHA on the 2 unit and get An FHA for the single???? She also wants the grant 3% AND NO MONEY DOWN.
I KNOW ASKING FOR ALOT.
Any input would be great, stuck on this one.
Mark DiPrete |
|
DRB
218 Posts |
Posted - 08/26/2008 : 4:25:43 PM
|
| Not unless there is enough distance and a justifiable reason for a 2nd property on a FHA loan. Example, her employer transferred her to an office 80 miles from existing location. |
|
|
GBoneske
149 Posts |
Posted - 08/26/2008 : 4:31:11 PM
|
Q. Can only a first time home buyer use the FHA loan program?
A. No. You can use FHA home loans as many times as you desire when buying a home or doing a mortgage refinance. The only guideline is that you cannot have more than one outstanding FHA mortgage loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA mortgage financing.
Depends on the LTV of the first home, and there will have to be a justifiable reason for the second FHA loan. (Like the second poster said, a transfer by her employer or a new job more than 100 miles away.) Also to be eligible for DPA you will need to check with your FHA investor. Most of ours (wells, countrywide, etc) have stopped DPA with new locks effective Friday the 29th. |
|
|
getagreatrate
32 Posts |
Posted - 08/26/2008 : 5:01:03 PM
|
Taylor Bean is honoring DPA for final underwrite completed through end of September. So far they have the longest lasting support of it
I've seen. |
|
|
mdiprete
30 Posts |
Posted - 08/27/2008 : 09:01:04 AM
|
| thanks for your input. I knew this was near impossible. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
