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Costel Atanasiu
6 months ago
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?
 
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Best Expert Answer
Joe Wallace... Answered 301 more questions
6 months ago
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.
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Barbara Rorwick
5 months ago
What is considered the definition of a primary residence versus a secondary residence? Is it based on occupancy more than 6 months or more in a year?
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ramon ibarra
2 years ago
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
For example, I bought my house for $158k. My current mortgage balance is $142k. The bank told me a few days ago my home is worth about $245k.
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Angela York
2 months ago
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my Nashville home?
I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my... (more)
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A Curious User
a year ago
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to... (more)
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A Curious User
2 years ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
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A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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