Rental Prop with FHA Loan
Hello - I am looking to purchase a rental property but I want to know if I can do this under FHA first-time buyers program. I am 38, FICO 710, $3,800 monthly debt. $10k monthly income and the purchase price is $89,000 by gimmyzceo$$77926 from Oley, Pennsylvania. Apr 13th 2018
Lorne Harvey (lorneharvey)
#77 ranked lender in Washington - 439 contributions
Hello,FHA only does primary residences. For an investment property, you would need to use the Fannie Mae or Freddie Mac products.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
FHA is a primary property loan only. You can NOT use that to purchase a rental property, unless it is a multi-unit property and you intend to live in one of the units. Also, FHA is not a first time home buyer loan, although it is popular with first time home buyers. For FHA loans in MN, WI, or SD, visit me at www.MortgagesUnlimited.biz
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