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FHA Loan - FHA Loan FAQs
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Our goal is to provide you with the answers to some of your most common questions. Check back frequently, as we will continue to expand and provide answers to many of the most common questions.

Below is a list of the most common questions, simply click on it to go the answer.

Q Can only first-time home buyers use a FHA loan program?

Q - Does FHA use a FICO credit score for qualifying?

Q - Can I streamline refinance my FHA loan at any time?

Q - Can I purchase a 4 Unit Home with FHA mortgage financing?

Q - Can I buy a home with no down payment & get 100% financing using a FHA loan?

Q - How long after a bankruptcy can I buy a home using FHA financing?

Q - How long after a Foreclosure can I use FHA financing to buy a home?

Q - Can I get rid of of the FHA Mortgage Insurance if I have 20% equity?

Q - Do I have to pay off collections accounts before applying for a FHA loan?

Q - Can I get a FHA loan if I have a federal tax lien?

Q - Can I have a co-signer that is not living in the property?

Answers are located below:

Q -  Can only first-time home buyers use a FHA loan program?
A -  No. You can use a FHA loan as many times as you desire. The only guideline is that you cannot have more than one outstanding FHA loan with a loan to value of higher than 75%. You can own rental property and purchase your primary residence using FHA financing. < Back to Top

Q - Does FHA use a FICO credit score for qualifying?
A - No. FHA is one of the only types of loan programs that currently does not require a FICO score. < Back to Top

Q - Can I streamline refinance my FHA loan at any time?
A -  Yes, you can streamline assuming that the you are lowering your monthly payments or converting the loan to a fixed rate. < Back to Top

Q - Can I purchase a 4 Unit Home with FHA mortgage financing?
A - Yes, you may use FHA financing for 2,3, or 4 unit home purchase assuming that the loan amount does not exceed the maximum loan limits for where the property is located. < Back to Top 

Q - Can I buy a home with no down payment and get 100% financing using a FHA loan?
A - Yes. Using a FHA insured first mortgage in combination with other specialized programs, such as CHFA, you may be able to purchase a home with no money out of pocket. < Back to Top

Q - How long after a bankruptcy can I buy a home using FHA financing?
A - You may purchase a home using FHA financing two years after the date of discharge for a bankruptcy, assuming that you have maintained excellent credit since the discharge. < Back to Top

Q - How long after a Foreclosure can I use FHA financing to buy a home?
A - Three years after the final date of foreclosure you may use FHA financing to buy another home, assuming that your credit since the foreclosure has been excellent. < Back to Top

Q - Can I get rid of of the FHA Mortgage Insurance if I have 20% equity?
A
- The only way to remove the FHA mortgage insurance is to refinance the loan to a conventional loan once your loan is equal to 80% or less of the current value. < Back to Top

Q - Do I have to pay off collections accounts before applying for a FHA loan?
A
- Typically all collection accounts and judgements should be paid off before applying for a FHA mortgage. You should get prequalified by a mortgage professional before paying any items off. < Back to Top

Q - Can I get a FHA loan if I have a federal tax lien?
A
- You may qualify for a FHA loan even with a Federal tax lien, as long as it has been in a repayment schedule for at least 6 months and all payments have been made on time. The monthly payment will be counted against you as a monthly liability and will affect the amount of the loan you will qualify for. State tax liens must be paid off in full. < Back to Top

Q - Can I have a co-signer that is not living in the property?
A
- Yes, you may have a co-signer that is not living in the home help you qualify for a mortgage but their rent, mortgage payment, or monthly bills will be used in qualifying. Also, they cannot currently have a FHA loan in their name. < Back to Top


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