Can I use an FHA oan along with other first time home buyer offers to purchase an investment property. My wife is not on our mortgage and she would like to but some investment property with an FHA and refi in appx 2yrs. Is this possible or breaking the rules??
2006-10-03 14:18:09 · 5 answers · asked by mrpxs2000 1 in Business & Finance ➔ Renting & Real Estate
Ooooops two conflicting anwers soooooo here is the link:
FHA Federal Housing Administration loan programs: http://www.fha.com/
Buena Suerte
2006-10-03 14:35:23 · answer #1 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Yes. You can use FHA for investment properties, although there is a catch. You are limited to 85% Loan To Value. So, in other words, you would have to put 15% down.
Go with a conventional type loan if your credit allows for it. If not, then there are also some great non-conforming products out there that would be just as good...if not better actually.
If you would like some more information or you would like to ask me other questions personally, then feel free to contact me at timothy.kazee@americanhm.com and I would be more than happy to answer any other questions you may have. You can also check out my website for info as well at www.yourohiomtg.com.
Good luck!
2006-10-03 15:38:59 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
the 1st element you prefer to do is seem at the place your credit is right this moment. you prefer your center fico score to be above 680 to get a great fee on a classic loan not requiring PMI. in case you have been thinking of making use of the the apartment earnings to teach constructive earnings it is not accessible. That apartment earnings will would desire to conceal the present loan on the valuables for debt-to-earnings ratios. So in case you will cost them $1200 a month it would be a wash and clears up you and your husbands earnings for yet another purchase interior the destiny. you have a great plan yet in simple terms make constructive for the hot purchase to have you ever and your husbands fico score be above 640 to qualify for the FHA purchase software. He would desire to additionally be first on the hot loan for first time homestead client incentives.
2016-10-15 12:01:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
nope, FHA is to help first time or low income homeowners to fulfill their American dream
try a conventional with no down payment
APR and many other options available on the market
at the moment
2006-10-03 14:26:52 · answer #4 · answered by eyes_wide_open 3 · 0⤊ 0⤋
FHA is only for your personal residence - so you can do that, live there and rent your other place out, and then re-fi later.
2006-10-03 14:20:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋