Are FHA Mortgages only for First Time Home Buyers?

This question has been asked of me several times this past month, so I thought I would write this to clarify for everyone.

First, lets start with the definition of a first time home buyer. Put simply, if you haven’t owned a home in the past three years, you would be considered a first time home buyer.

Secondly and the answer to the question, FHA loans are considered a first time home buyer program but not necessarily only for first time home buyers. The reason for the affiliation is that most first time home buyers don’t have much money to put down and FHA loans only require 3.5% down payment. You can also qualify with a lower credit score than convention loans, usually 620 is the lowest score lenders require for FHA.

Another advantage of FHA loans is that you can streamline refinance once you have an FHA loan. If you are only refinancing to obtain a lower rate and or payment, you won’t need another appraisal, credit report or income documentation. Visit our FHA Refinance program page for additional details.

For additional information, check out our Loan Process page as well as our First Time Home Buyer Programs page on our site. To see if you qualify, contact me below or apply online.