Click To View Links

Buying a 3rd Home With FHA Home Loan

by Kathleen
(Los Banos, CA USA)

We have 2 homes one we owe a mortgage the other we own. We live in the state of California and we are thinking of buying a 3rd home for us to live in. If we do so how much money would we have to put down on it. Could we get an FHA loan with little money down?

=====ANSWER=====

Hello Kathleen;

First Time Home Buyer Programs
Learn what great programs to choose from.

Best FHA Home Loans
Discover which FHA Loan is best for you.

First Time Home Buyer Grants
Find what home buyer grants are
available.

How to do Credit Repair Yourself
Find out what you can do to improve your
credit.


Thank you so much for stopping by this website and asking a question. I hope you find this resource helpful.

When it comes to the FHA home loan, this does have some limitations. Although you can have two homes with an FHA loan, the first one has to have at least a 25% equity position and you must become "owner occupant" of the new home to be purchased using FHA.

So, since I do not know what type of mortgage you have on the home you referred to, this leaves me with one thought.

If it is a conventional loan, then my thinking is yes you can buy another home using the FHA home loan if you plan to make the new home your primary residence. FHA does not care how many homes you have with mortgages as long as you have the income to service the debt.

My guess is that you do. So the real test for you is that fact of "primary residence". Do you plan to make this new purchase the home where you will live the majority of the time?

Actually HUD's OWNER/OCCUPANCY requirement states that the Purchaser of a Home who's using FHA-Insured Financing must intend to occupy the dwelling, use it as his/her primary residence for at least one year. The FHA Borrower is required to sign an "Occupancy Statement" at closing. Breaching the "Ocupancy Statement" could be considered a criminal offense.

Hopefully you find this information helpful. If you do, please pay it forward and "like" us at Facebook and Tweet about us so we can help others get answers to their questions also.

Kind Regards,

Jeffrey Ragan

Click here to post comments

Return to FHA Questions.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. FHA Help

    May 26, 17 03:14 PM

    Would you like some FHA help? Perhaps you are wondering if it is wise to add a significant other to the mortgage? Or why a mortgage company would ask you to go conventional instead of FHA? Find answer…

    Read More

  2. Maryland First Time Home Buyer Grants | Programs | Down Payment Assistance

    May 20, 17 06:24 PM

    Digging for Maryland first time home buyer grants to buy a home? Find the best grants, programs for home buying in Maryland and other down payment assistance available to you.

    Read More

  3. Home Buying Help - Your Personal Coach

    May 20, 17 06:13 PM

    Searching for home buying help? Discover here how to request your own personal assistant to navigate the home buying process.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter