FHA loan qualifications

2 Replies

How do I know if I qualify for an FHA loan? Here is the story. We bought a house in 2005 and I was the co-borrower with my spouse. We again bought another house in 2017 as a co-borrower. I never was the primary loan holder. Do I still qualify as a first time homeowner or on FHA loan? What are other ways I can buy a home only on my name? I'm confused. Please advise.

@Ashton Patel find a great, investor friendly lender in your local market and get them all the documents they request. There is no way for any of us on the forums to answer you 100%. The lender I work with here in Chicago helps clients re position their loans so that they can access that FHA loan again. That is a huge part of the strategy when you are house hacking. If you can free up a low down payment loan it can really help you grow quickly.

FHA is Not just for first time buyers....anyone can get one as long the house will be your primary residence and you don't already have one, regardless of how many properties you own.
However, your obligation on an existing loan will affect your DTI.

Simply sit down with a lender.