Want to buy with FHA loan to rent out the property, can I do this and then live at home at my parents?
Wednesday, May 19th, 2010 at
1:45 am
I want to buy a small rental property with a FHA loan, so I can rent it out while I am living at home with my parents. Is this allowed, since I do not own any other real estate, or will FHA guidelines prevent this? Thanks!
Repossession
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Tagged with: Fha Guidelines • Living At Home • Rent Property
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Single family homes. Not investment properties
Yes you can do that. but if you are thinking about applying for the first time homebuyers credit you won’t be eligible since you won’t be living in the house.
NOPE, for owner occupied property, single family and twoflats. And won’t qualify for first time buyer’s credit, either. Rethink what you’re doing. Consider renting out a room in house to help you with mortgage?
form 5405 first time buyer’s credit
HUD/FHA requires that the borrower occupies the property. Sorry, your plan won’t work.
I know that our FHA loan required us to move into the property within a certain period of time. I think it was 60 days. FHA is for primary residences, not investment properties.
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Hallo
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