Benefits of a FHA Mortgage Loan
2018 FHA Loan Limits by State
FAQ About Using a FHA Mortgage Loan
FHA does not have a first time home buyer requirement, and does not offer any incentives to borrowers that are first time home buyers.
A FHA loan is often thought of as a first time home buyer loan because the underwriting guidelines can often be much more flexible and forgiving for borrowers without a lot of reserves and lower credit scores.
FHA mortgage insurance has a bad reputation, but I think it's unwarranted.
You cannot remove FHA mortgage insurance without refinancing into a Conventional mortgage loan.
The great advantage of using FHA is that the mortgage insurance is that it's automatically approved with your loan approval, and it's not affected by your credit score like Private Mortgage Insurance is.
With the introduction of FHA's updated underwriting guidelines called the 4000.1, there are now conditions applied to this scenario that were not considered in the past.
If you are relocating and you currently have an FHA mortgage, the new home must be a minimum 100 miles away.
There may be exceptions if you have out grown your current home, and you have more than 25% equity in the home. There may be other circumstances that would allow this, speak to a FHA mortgage expert about your specific scenario.