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Can we apply for a FHA loan if my wife is first time buyer but I am not?

by michael986 from Handley, West Virginia. Apr 19th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

You don't have to be a FTHB to use FHA.. and there is no limit as to how many times you can use FHA.. it's just that in most cases, you cannot have more than one FHA loan at a time.. Also, conventional has some pretty good programs for financing.. and if one of the borrowers is buying their first home, then they only require 3% down.. and the PMI is reduced as well. so if you both have high credit scores, then using conventional might be a better way to go.. But if you want to know for sure, then the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Apr 19th 2016
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