FHA home loans explained for first-time buyers
Not only for first-time buyers
The friendly answer
FHA loans are not limited to first-time buyers. Repeat buyers can use them too, as long as the home will be their principal residence and they meet credit, income and property requirements. FHA generally limits borrowers to one FHA-insured loan at a time, with some exceptions.
Last reviewed against the primary sources listed below.
Exceptions to one-loan-at-a-time
- Relocating for work.
- A growing family that needs more space.
- Leaving a jointly owned home.
First-time buyers often ask
Can I get an FHA loan if I owned a home before?
Yes, if you meet the requirements and will live in the new home.
Can I have two FHA loans?
Usually not, except in limited situations such as relocation.