Are FHA loans for first time home buyers only?

+1 vote
asked Jun 15, 2018 in Real Estate - Renting by Stormns (310 points)
Are FHA loans for first time home buyers only?

1 Answer

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answered Jun 16, 2018 by Grahlu (51,270 points)
Anyone can get an FHA home loan even if you've owned another home before.

Although you can only have one outstanding FHA mortgage at one time so you cannot get a second FHA mortgage until your current FHA mortgage has been paid in full.

FHA stands for Federal Housing Administration and the low down payment of 3.5% is available to all home buyers and not just first time home buyers.

An FHA mortgage is great for first time home buyers though because of the lower down payment required to get the mortgage for the home.

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