Having More Than One FHA Loan

Typically FHA only allows a borrower to have 1 FHA loan. However that is just a "rule" and if you a rebel like me you know that rules are meant to be broken! Okay, maybe just bent a little. FHA does allow a borrower to have more than 1 FHA loan in certain cases. When Can You Have More Than 1 FHA Loan? 1. Re-locations - Borrowers relocating to another area that is not within a reasonable commuting distance from their current principal residence (the home with the FHA loan on it).  This … [Read more...]

Alternative Credit & FHA Home Loan Approval

  There are basic credit related requirements that each Phoenix area home loan applicant must meet  in order to obtain mortgage approval.  Each different type of home loan comes custom fit with its own set of credit guidelines or "rules".  When applying for an Arizona FHA mortgage, each borrower must typically show their Phoenix Arizona FHA mortgage lender a minimum of 3  trade lines that have reported at least 12 months of activity or payment history.  A trade line is equal to one … [Read more...]