getting FHA loan as first time home buyer

[Ed Page]

hi i have a property that's been in my name for less than a year , will this prevent me from getting a FHA loan to purchase another property ? What do they consider a new home owner ? any help appreciated . Thanks

[Josh Mitchell]

@Ed Page @Brent Coombs You are only allowed to have one FHA loan at a time. So if the loan he has on his property now is not an FHA, he would be eligible for one with the purchase of a new primary home. With an FHA loan, you must live in the property for at least a year. You do not need to be a first time homebuyer for FHA, as I was just letting him know that to be considered one, you cannot have ownership in a property for the past 3 years. FHA will come with a higher PMI and upfront closing costs, just FYI.