Are FHA loans with 3.5% down only available for your first home?
We bought our first home on an FHA loan this summer, and thinking on selling and upgrading into a new home in 3-5 years. Will we be able to secure another FHA loan with 3.5% down for the next home? Or is that only available for first time home buyers? ( note - I'm not talking about purchasing a 2nd home and holding 2 homes at once ... I'm talking about selling me existing home and going into another ) Thanks
Yes you can but FHA loans limit the houses for sale. Many sellers refuse to accept any offer tied to an FHA loan
yes you can sell and up grade with a new FHA note. FHA does have loan limits in every county nation wide so look them up around the time you wish to make the move so you can do it with ease https://entp.hud.gov/idapp/html/hicostlook.cfm I am a mortgage banker in TN
They are available to those who are qualified.
As long as you sell the existing home BEFORE buying a new home, you can get another FHA loan. They are not just for first-time home buyers.
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