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Valued Member


I was wondering about FHA. I do own a home, but have never had a mortgage before, so I am unsure if that would qualify me for a first time home buyer?


Some info:

Work at the same job for the past 12 years.
Annual Salary: $ 50,988
Two Insallment Loans both opened in February 2019

Auto Loan $9,000, never late on payments.

Self Lender $48, never late on payments.


One Citi Card CC, openened 11/2018, never late on payments-CL is $200 (secured) Pay full balance every month. Util kept 20% or below

First Premier Opened 08/2019. Not used CL$600-(unsecured)


2 CC closed/CO:

Cap1 Closed in 2018,

Credit1 closed in 2018


2 collection:

LVNV Paid (less than full bal.) Account started 6/2018

Midland (Paid less than full bal.) Account started 7/2018


I've been working on my scores since Feb. of this year

Follows are my scores 
1st: 02/20/2019

2nd: 05/20/2019



I am looking at buying land, and wanting to purchase a modluar home to set on it. 

I would hope to around March of next year. That would give my current installment loans a total 12 months of good payments.

Heres the main questions. I found the land I'd like to purchase. I have enough sitting in retirement that I could borrowing and buy the land, right now. However, if I could get to where I could qualify for a loan, and do it all at once, I'd would prefer that method.

Once I could get this, then I would sell my current home, and use that money to pay down the mortgage.

I was just curious on some thoughts as to which route to go, wait (land doesn't sell fast in my area) or go ahead and purchase the land through retirement savings. Then once my scores are better, prequalify for the modular.


I sincerely Thank and Apprectiate everyone on all these threads! 


Starting Score:
Feb. '19:EQU- 500 TRANS- 495 EX-510
May '19:EQU-598 TRANS-586 EX-601

Current Score: EQU: 551 TRANS: 582 EX: 585
Goal Score: 700

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Valued Contributor

Re: FHA.Maybe?

I would talk to the modular home sales folks so that you get your ducks in a row.


Usually those packages will include installation of a well and septic system and you also need to know about ensuring you have right of way access to your property, etc. but you want to be sure you know what you are doing and are able to do what you "think" you want to do.


As long as your current loan isn't an FHA loan, you may qualify for an FHA loan, but if you already own a home, you will not be a 'first-time home buyer'. 




Licensed NC Mortgage Loan Originator
Message 2 of 3
New Member

Re: FHA.Maybe?

I shall touch upon the land bit. If you can buy the land outright then it can be used as a down payment credit for a mortgage. How that would factor with you taking out a loan from your retirement savings I cannot say. As stated above check with modular builders and go from there or talk to lenders to figure out everything would work out.

Message 3 of 3
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