Will this disqualify us for fha loan?

[Anonymous]

Back 18 years ago when me & wife met we got a single wide trailer (new) it's been paid off for several years now. Since fha is for first time home buyers will this go against us? We are trying to get all our ducks in a row for prequalify. This is the last questionable thing we have (I think). Thanks for any responses Dallas or Shane or anyone that has prior experience in this area!

[Anonymous]

You don't have to be a first time home buyer to go FHA.

[Anonymous]

cool Thanks Mel!

We are still waiting for a few things to post to cr which will give a good score boost on wifes cr. We are getting antsy and want to do the fha pre qualify on the fha loan site. BTW it ask if you if you are a first time home buyer how would we answer that question with us having a single wide? Were not even sure if that is where we need to do the pre qualifaction since none of the mortgage pros have chimed in on that particular thread. But thank you so much for the reassurance!

[Junejer]

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@Anonymous wrote:

cool Thanks Mel!

We are still waiting for a few things to post to cr which will give a good score boost on wifes cr. We are getting antsy and want to do the fha pre qualify on the fha loan site. BTW it ask if you if you are a first time home buyer how would we answer that question with us having a single wide? Were not even sure if that is where we need to do the pre qualifaction since none of the mortgage pros have chimed in on that particular thread. But thank you so much for the reassurance!

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Answer no.

[DallasLoanGuy]

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@Junejer wrote:

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@Anonymous wrote:

cool Thanks Mel!

We are still waiting for a few things to post to cr which will give a good score boost on wifes cr. We are getting antsy and want to do the fha pre qualify on the fha loan site. BTW it ask if you if you are a first time home buyer how would we answer that question with us having a single wide? Were not even sure if that is where we need to do the pre qualifaction since none of the mortgage pros have chimed in on that particular thread. But thank you so much for the reassurance!

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Answer no.

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if you have not owned a property in the last 3yrs..... you are a fthb(again)

fha is not for fthb only, anyway

[Anonymous]

We still own it but the repairs for central heat & air amongst other repairs would drain our savings account and we are still trying to have a child so we need a larger home. Do we need to get rid of it/sign it over to someone else before applying? 

[Anonymous]

You had stated in your original post that you owned it outright.  There is no need to sell it.  Even if you didn't own it outright you wouldn't have to sell it.

[DallasLoanGuy]

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1111mel wrote:

You had stated in your original post that you owned it outright.  There is no need to sell it.  Even if you didn't own it outright you wouldn't have to sell it.

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taxes and insurance on that property can blow up a dti real fast.

maybe that is why they think they need to sell it.

as always, use the advice you get here as a guideline..... contact a pro directly for advice that you can follow

[Anonymous]

Yes we own it out right. I was worried that it would disqualify us because FHA may assume that since we own this singlewide that we don't need a house loan. The taxes and insurance aren't bad since its old. Thank you for the responses... Now I'm going to start a new thread and hope to get some sound advice again. Thanks again for the responses!