Forgotten Your Password?

Need to Register?

Question Icon

How do i sell fha home in louisiana and them get another fha loan in florida? Help!

by Sherri_596_410 from Mansura, Louisiana. May 29th 2013 Reply


Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 663 contributions

First and foremost, do you have a Real Estate Agent to assist with your sale in LA? The sale of that property and your anticipated net proceeds will determine what you can do when you buy in FL.

May 29th 2013
1
0
Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Hi Sherri! If you are going to move to Florida and make that new home your primary residence, the answer is yes. If you plan on keeping your Louisiana home as a rental property and moving to Florida permanently, you could also get another FHA Insured Mortgage. I would be happy to assist you with a Pre-Approval and/or discussion of the many options for loan programs available, including alternatives to FHA Insured Financing. Please feel free to contact me offline today if you are interested in speaking with me! Thank You and have a Great Day!

May 29th 2013
1
0
Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Sherri -- thought we had gotten you the answer on this the other day. Get Real Estate agent to list home in LA. Find local licensed Lender in town you are going to in FL -- get pre-approved based on selling home in LA. Once pre-approved, find real estate agent in town you are moving to in FL (perhaps ask LA agent for suggestions.) Explain that you need to have loan in FL close after you close sale in LA. Personally, with the new higher MIP rates on FHA, if you are getting some funds out of the sale of the LA home, I think you would be better offtrying for a conventional loan (down payment difference: FHA 3.5%; Conv. 5.0%). This is something you should discuss with the local lender you find in FL. (If you know what town you are going to, I could possibly suggest a couple for you to contact.)

May 29th 2013
0
0
Shawn Waite (sw1sw1)
#208 ranked lender in Florida - 2 contributions

Sherri, I definitely agree that you should try for a convential loan. The down payment requirement is not much different (5% instead of 3.5%) and the monthly savings you will get on a convential loan vs. FHA with the new MIP rates will be well worth it!

May 29th 2013
0
0
Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

With professional help, you can sell the LA house the same day as you purchase the FL house; the money, and the FHA paperwork, will all come together at once.

May 29th 2013
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,124 contributions

Generally speaking, you can not have two FHA loans at the same time. But as long as the LA homes sells first, you can easily get a new FHA loan. The sale of the current home, and the purchase of the new home can be the same day. Contact a local mortgage broker in the area you wish to buy for more assistance.

May 30th 2013
0
0
Ray Hazucka (r.hazucka@mybbmc.com)
#64 ranked lender in Illinois - 36 contributions

Don't forget that your FHA mortgage is assumable if that would help you sell your home.

May 31st 2013
0
0
Subscribe to our news feed.