Having More Than One FHA Loan

Typically FHA allows 1 FHA loan at a time.  However that rule is not the end all be all.   In fact, FHA allows borrowers more than 1 FHA loan in certain cases. More Than 1 FHA Loan Allowed While FHA rules state a borrower may have just 1 FHA loan at a time, there are 4 scenarios under which FHA will grant an exception to that rule allowing multiple FHA loans.  The 4 exceptional scenarios are: Re-locations - Borrowers relocating to an area not within reasonable commuting distance from … [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...]