How long to wait after selling my home, can I apply for FHA?

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How long to wait after selling my home, can I apply for FHA?

Kurt Traynor
Investor · Moseley, VA · Member since 2015 · 145 posts · 60 votes

Good Afternoon.. I've been reading up a lot about FHA loans and have come close to answering this question.

How long do I have to wait to get accepted for an FHA loan after I have sold my primary home. I had a conventional loan previously and sold that home in October of 2016. I've seen many different answers to my question and before I start calling brokers can someone give me a clear answer?

My credit is 860 and my DTI is minimal and I've been renting for about 4 months and want to get into another home but don't have the down payment currently for a conventional.

Can I qualify for FHA now?

Thanks in advance,

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Jeff Dulla
Lender · Western Springs, IL · Member since 2015 · 472 posts · 245 votes
8y

@Kurt Traynor I have never heard anything like that. Is the sale of your current home a short sale or any type of derogatory credit item? That is the only time I have ever heard of a required waiting period. Even if you had an FHA loan originally (which it sounds like you don't), you could another FHA loan assuming you could show the old loan was paid off at closing (and there are other legitimate reasons you could have two FHA loans at the same time).

Nothing from your explanation above makes me think you have to wait. 

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  • Jeff Dulla
    Lender · Western Springs, IL · Member since 2015 · 472 posts · 245 votes
    8y

    @Kurt Traynor I have never heard anything like that. Is the sale of your current home a short sale or any type of derogatory credit item? That is the only time I have ever heard of a required waiting period. Even if you had an FHA loan originally (which it sounds like you don't), you could another FHA loan assuming you could show the old loan was paid off at closing (and there are other legitimate reasons you could have two FHA loans at the same time).

    Nothing from your explanation above makes me think you have to wait. 

    2Reply
  • Brian Garrett
    Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
    8y

    What has made you think that you couldn't get an FHA loan for the past 1.5 years?

    You've been waiting since October 2016 just assuming that you couldn't get approved for reason?

    Either there's more to the story or I'm totally missing something here.

    1Reply
  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    8y

    @Kurt Traynor FHA isn't only for first time homebuyers, so if you currently don't have a primary residence and are looking to purchase one, you would be eligible for FHA assuming you meet all the credit/income criteria.

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    8y

    @Kurt Traynor just to reiterate here, based on what you described, you should be able to buy a home even before you sell your other home. Most lenders will close a FHA loan while someone is selling their own home with a conventional or FHA loan. If you have more specific questions feel free to ask. Thanks!

    0Reply
  • Kurt Traynor
    OP
    Investor · Moseley, VA · Member since 2015 · 145 posts · 60 votes
    8y
    Thanks everyone. This is why I asked the experts of BP. No hidden issues, all legit! I haven’t applied for a loan because my wife and I were going to take a short break from ownership since we banked nicely on our last live in Flip, but we’re ready to go again! I used the proceeds of our last sale to pay off everything!!.. Plan is another house hack. With an FHA I plan on minimal down and then utilize my funds to rehab. Then 2 years later, sell.. repeat. Utilizing those proceeds to buy rental properties.
    0Reply
  • Pamela Holland
    HARRISBURG, PA · Member since 2014 · 5 posts · 2 votes
    8y

    I bought an FHA financed home in 2013, sold it in '14. Bought another in '17...no issues.

    1Reply
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