Forgotten Your Password?

Need to Register?

Question Icon

Can I qualify for an FHA ?

I want to invest some money into purchasing a home out of state. II'm new to home buying but i have an acquaintance who knows people in the business they have led me to believe that i actually can get an FHA loan for my purchase, even though I won't be living in the home is this true? by RickMerrill35 from Hollywood, California. May 27th 2010 Reply


Gregorio Denny (GVDenny)
#254 ranked lender in California - 380 contributions

If you are buying it as an investment property, you will not qualify for an FHA loan. If it is not going to be your primary residence, then buying it and declaring such would be fraud. If you have a spouse who will occupy it, then that would be acceptable, but otherwise you were given incorrect information. Gregorio Denny --- WeFixRates.Com

May 27th 2010
1
0
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

FHA can only be used for owner occupied purchases. I don't know who gave you the advice but maybe he meant something entirely different. If you would like to own a home in another state and you will not live there, you can do this by being a non-occupant co-borrower. This would mean if you have a family member that wants to purchase a home in another state with you but you decide to not live there, this may be fine. Otherwise, you would have to qualify for a non-owner occupant loan. Hope this helps.

May 27th 2010
1
0
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

FHA does not allow Non-Owner Occupied purchases. You can be the co-borrower on the loan if an immediate family member can be the borrower & will occupy the residence. If you're looking to purchase an investment property, you'll have to go Conventional which typically requires at least 25% down. If I can be of any further assistance, please call. Todd ThollSr. LO, CMCMain Street Financial563-324-9937

May 28th 2010
0
0
Subscribe to our news feed.