Question: “Can I get an FHA loan if I’ve owned a home before?” Answer: Yes, contrary to what many people believe, you don’t have to be a first-time buyer to get an FHA loan. I think the confusion is because many first-time buyers do get FHA loans.

Question: “Can I get an FHA loan if I’ve owned a home before?” Answer: Yes, contrary to what many people believe, you don’t have to be a first-time buyer to get an FHA loan. I think the confusion is because many first-time buyers do get FHA loans.

Question: “Can I use an FHA loan to buy apartments that I’m going to live in?” Answer: FHA loans are for 1-4 unit owner-occupied properties. So in theory, you can use one if you buy a duplex, triplex, or fourplex. However, the qualifying for a triplex or fourplex is so poorly thought out that’s it’s

Question: “What are the pros and cons of getting an FHA loan to buy a home?” Answer: The Pros: Low down payments More flexible qualifying Lower credit score requirements The Cons: High up-front 1.75% mortgage insurance premium (MIP) High monthly 1.3% to 1.55% MIP Monthly MIP can never be removed if the loan is <10%

Question: “What’s the advantage of getting an FHA loan? And is that only for first-time homebuyers?” Answer: Good questions! I’ll take the second one first: Contrary to somewhat popular belief, there’s no requirement that you be a first-time homebuyer to use an FHA loan. FHA loans are generally easier to qualify for, and specifically to

Question: “Do you have to be a first-time homebuyer to get an FHA loan?” Answer: No. There’s no requirement whatsoever to be a first-time buyer if you’re getting an FHA loan.