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Are FHA loans only for primary residences?

by JColtrane from Quincy, Massachusetts. Mar 18th 2013 Reply


Ray Lewis (RayLewis)
#0 ranked lender in Texas - 35 contributions

You can only use an FHA loan to purchase a primary residence. You can however refinance an FHA loan as an investment property if you have moved out and its used an investment property now. I hope that helps. Please feel free to contact me if you need any further assistance. Ray 254-449-7196 or rlewis@englending.com

Mar 18th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,620 contributions

FHA purchase for 1-4 units, are for owner occupied, primary residence only, you must occupy the property within 90 days of closing, and you must live there at least 12 months.. You can always refinance using FHA, even if you no longer occupy the property.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714

Mar 18th 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Yes, owner occupied only.

Mar 18th 2013
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

I assume from your question that you are interested in an FHA loan for a one to four unit rental property. There are FHA programs available for apartment buildings, medical facilities, and other special purposes.

Mar 18th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

For purchase FHA will only allow owner occ but can be up to 4 units with the other units rented. If a former owner occ 1-4 unit property that is now 100% rented FHA will allow you to refi into a new FHA but it MUST be a streamline refinance WITHOUT an appraisal. No cash back to you and closing costs cannot be rolled into the new loan.

Mar 18th 2013
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Doug Gallagher (Douglas)
#832 ranked lender in California - 7 contributions

It is only for a primary residence. If you use it to purchase a 1-4 investment property, you have to live in one of the units.

Mar 18th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

You can use an FHA loan to purchase a 1 to 4 unit investment property, however in order to qualify you must live in one of the units.

Mar 18th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Yes.

Mar 18th 2013
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Christina Makarem (wjbmortgage.christina)
#871 ranked lender in California - 2 contributions

FHA loans are exclusively used for primary residences. However you can have multiple FHA loans if one of your properties turns into an investment property. WJ Bradley Mortgage Capital is always here to answer any questions. 949-743-5676

Mar 18th 2013
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George Dokos (georgedokos@movementmortgage)
#57 ranked lender in Virginia - 25 contributions

You can use an FHA loan to purchase a 1 to 4 unit investment property but you must live in one of the units for one full year. If you are looking for a property in Virginia, please give me a call.Regards George 757-771-8862

Mar 18th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

yes, that is true

Mar 18th 2013
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Jason Robinson (CFIsupport)
#58 ranked lender in Georgia - 106 contributions

In most cases, yes.

Mar 22nd 2013
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