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...]

Home Loan Approval After Short Sale

When can I buy after a short sale?  This is a riddle all too many homeowners are trying to answer today.  In Arizona mortgage balance often exceeds home value putting many in a tough spot.  The majority of loan options available today come custom fit with guidelines that prohibit short sellers from buying right after their short sale.   There are exceptions.  Here is a success story about one of those exceptions. VA financing does not have an official guideline for buying after a short sale.  … [Read more...]