FHA Loans are NOT just for First Time Homebuyers. Almost any qualified borrower can take advantage of FHA financing. The only exception is that in most cases borrowers are not allowed to have two FHA loans at the same time. But even that rule can be circumvented if a move to a new home is necessitated by a job-transfer or by an increase in family size.
Age also makes no difference. A qualified borrower in her 80s can still get an FHA loan with a 30 year amortization.
For example, we currently have a retired couple using FHA financing to buy a new and larger home (now that prices have come down so much). Not only is that couple in their 70s, but they also own a home already and they have purchased numerous other homes over the years. They prefer FHA financing because of the very small down payment requirement (3.5%).
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167