Can I get an FHA home loan if I already had a mortgage?

That is a myth that FHA Insured Home Loans are for only first-time home buyers. If you do not have an existing FHA Insured Home Loan and you wish to buy a home as a primary residence, then you can take advantage of the FHA Insured Home Loan program so long as it meets the guidelines in terms of maximum loan limit and credit criteria. Happy Holidays!

FHA is not just for first time Homebuyers. Assuming you meet all of the ordinary mortgage requirements, having a previous mortgage will not disqualify you. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org

FHA is NOT just for first time home buyers. Anyone can use FHA, although you can only have one FHA loan at a time. Generally speaking, programs that ARE for first-time home buyer REQUIRE that you have NOT had ownership interest in a property for the past three years. . . Need a loan in MN or WI? Visit www.StPaul-Mortgage.com for the advice of a licensed mortgage professional or click on my name to the left to learn more about me.