I am starting investing in properties I intend to flip and/or rent out. I already have a primary residence, a conforming loan. Can I use a FHA loan to buy a second home for business?
This question has been locked from accepting further answers.
Answer this question:
Please log in to submit an answer.
Best Expert Answer
The home you purchase with an FHA mortgage will have an occupancy requirement as a condition of loan approval. You'll be required to occupy the property purchased with an FHA lan as your primary residence generally within 60 days of closing the FHA loan.
Our blog is brought to you by the knowledgeable group of counselors at FHA.comVisit our website
Have a Specific Question?
Some of Our Experts
Can I remove MIP from my FHA if my home value goes up?What credit score is ideal when applying for a home mortgage loan?Can I use my VA loan eligibility to buy a home that includes 12 acres of land?I had a bankruptcy not long ago. If I want an FHA loan, how long do I have to wait before applying?What is the minimum down payment I can make for an FHA loan?Can I payoff my FHA loan without being penalized or charged for early payoff of the loan?How do I restore my VA loan eligibility?see more