fha loan for investment property
To learn more, contact a mortgage loan officer. Before you buy investment property, do your homework. Investing in real estate is like any kind of investment – it’s wise to do your homework and assess both the benefits and the risks involved.
Using the 203K Loan for an Investment Property – Mortgage.info – Using the 203K Loan for an Investment Property. For instance, if you were purchasing a single family home, you would have to live there, not somewhere else and rent the property out. This is a stipulation set forth by the FHA. There is one way to get away with using this form of financing for an investment property, however. This is possible by purchasing a multi-unit property.
FHA loan rules apply for all borrowers when it comes to basic minimum credit standards. The FHA loan requirements that will affect your transaction include FICO score rules, down payment requirements, and the basic terms of your mortgage.