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You can obtain an FHA-backed loan with a 3.5-percent down payment and flexible terms. You can own investment property and get an FHA loan for a home you.
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An FHA loan typically cannot be used to finance a second home, a rental home, a vacation home or investment property. However, there are a few exceptions to the general rule. Suppose a person buys a home as his primary residence and uses an FHA loan to finance the purchase.
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Alexander – if a lender will give you the money for the loan, then you can purchase the property using an FHA loan. You could consider this property your primary residence but unless you have employment in the area where the property is located, then it could be difficult to convince the lender of your owner-occupancy status/intentions.
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Exception 1- As as long as the property used to be a primary residence and the mortgage is an FHA insured loan, you can still get a new FHA Mortgage for that same property.
As previously mentioned, FHA mortgages are meant for primary residences, not for investment properties. FHA loans, however, can be used by investment property buyers. real estate investors can use an FHA loan for investment property on only one condition: The property must become the investor’s primary residence. The only way this can happen, of course, is if an investor purchases a multiunit property, such as a duplex or a triplex.
Buying a home or condo with a conventional mortgage. you get started on buying an FHA-approved condo, make sure you know.
So before you leap in, you’ll want to consider whether you have the time and skill to put into managing a rental. While.