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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 Reply

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.

Sep 16th 2011

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