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Can I get an FHA to buy my next home? I have one for my current home but will sell

by reeds595 from Campton, Kentucky. Oct 15th 2020 Reply


Brian Phillips (brianthemortgageguy@gmail.com)
#18 ranked lender in Kentucky - 10 contributions

Do you intend on selling your current home and purchasing your next home on the same day?

Oct 15th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,262 contributions

There are specific rules for acquiring a new primary residence with an FHA loan while currently owning a home with FHA financing. Unless the new purchase is necessitated by a job transfer that would result in you having an unacceptable commute (typically the new property would need to be 100 miles from the old property), the answer is no. However, if you have put your current home on the market, I could see an underwriter giving you an approval. They may require the current home being under contract. Many of my customers start with the belief that they MUST go FHA, yet we find a way to get them into a conventional loan with significantly lower PMI/MIP and none of that 1.75% Up-Front MIP. I encourage you to work with a Mortgage Broker licensed in your state. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

Oct 15th 2020
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