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Traci Endow Asked:

I am married due to religous reasons I will stay married but I would like to buy my own home. I have been removed from my husbands mortgage. I have excellent credit have been approved for 150000.00 loan but due to the marriage lenders wont give me a fha loan what can be done? [ogden UT]



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Answer Provided by: Ron Pippin [03/02/2009]

Confusion exists when you lump “fist time buyer” programs with FHA. While it is true that that you may not qualify for the “first time buyer” programs because you have owned a home in the past, you should not have any issue whatsoever with FHA financing. FHA financing requires a 3.5% down payment while First Time buyer programs don’t require any. It is possible you can still qualify for first time buyer programs but it depends on several things: 1- Have you been on title to any property in the last 3 years? 2- Have you been living in the same home with your husband in the last 3 years? If the answer is no, then first time buyer programs along with possible government grants are a possibility. In any case, obtaining an FHA or conventional loan should not be a problem.

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Answer Provided by: Nelson Barss [03/02/2009]

Traci - you're going to want an FHA loan. Did they give you reasons why you can't be approved for a new FHA loan? Typically you can only hold 1 FHA loan at a time, so there may be some more work to be done in order to be removed from your husband's mortgage - in fact, the only way I know of to be removed from a mortgage is for your husband to refinance. If that has been done, we should be able to get you approved for FHA with a little foot-work. The first thing is to find out why they're telling you you can'd do FHA. Call me at 801-683-3400 if you would like more info.