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Do I have to wait for my current house to sell before I can buy another home? Both are FHA loans .

by abbadee12824 from Alpharetta, Georgia. 17 days ago Reply


Marlon Mitchell (mmitchell)
#7 ranked lender in Missouri - 50 contributions

Usually yes you would have to sell, or use another type of loan. Unless you're moving miles away from your current FHA loan. I'd be happy to give you some options if you'd like to give me a call or email. I'm a Nationwide Lender

17 days ago
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

You can do a simultaneous closing.. Once you are under contract for your current home, you can go under contract for the new home and close both at the same time.. if you cannot coordinate this, you can ask the buyer of your home if you can rent back for 30 days while you try to find and close on another property.. Otherwise, you will need to close on your existing loan before you can qualify for another FHA loan. If you have enough income to qualify for both mortgage payments along with all your other obligations, then you can use conventional for the next home purchase, and once you close on your new home, you can sell your existing home. Many options available, but we would need more info to advise.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

17 days ago
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John Burke (jburke)
#1 ranked lender in Texas - 183 contributions

Hi Abbadee12824,The answer is it depends.If you can qualify with both mortgage payments & you have at least 25% equity in your current home & you meet one of the few FHA exceptions that will allow you to have more than 1 FHA mortgage at a time, then no, you do not have to sell your current home before you can buy another home.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

6 days ago
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