FHA for Investment Property
Can you use an FHA loan to buy an investment property? I am a first-time home buyer and am looking to buy an investment property (before my own home, though I am currently looking) using an FHA loan. I know it sounds insane, but it's the nature of my current situation, so please don't bash me. by bambiw_810_458 from Caldwell, Idaho. Sep 16th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The answer is yes, so long as you live in it.. you can purchase a 1-4 unit property, but you must occupy one of the units. If you purchase now as an owner occupied, you have to live in the property for so many months before you can turn it into a rental... I think with FHA it's 1 year. You cannot purchase an investment property using FHA if you do not intend to occupy the property. HomePath offers investor purchases with 10% down, but that's the lowest down payment I can think of. HomePath is not a lending program that's available on just any property. It has to be a HomePath home to qualify for HomePath financing. WlliamAcres.com
Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions
The answer is clearly no. The home has to be your primary residence and you have to occupy it within 60 days. If you buy a duplex for example, and rent out the other half, then decide to buy a single family home 3 years down the road, that is up to you. That is your best bet as far as being able to acquire an investment property. Basically it can become an investment property later, but cannot be initially>
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