FHA loan for first property
Hi guys
Have recently moved over to LA from the UK and am looking to get started in real estate out here.
Have little in the way of capital i.e. 10k and no credit score (not transferable overseas). However, my wife has 750 credit score so we aim to use her name for the first couple of properties.
I was wondering what people's thoughts were on FHA loans for a first investment property? i.e. pros and cons? As I understand it, there is the potential to put as little as 3.5% down (when purchasing mortgage protection), but are there any different stipulations for investment property as opposed to one you intend to live in? Would be looking somewhere further north such as Fresno/Bakersfield etc. where prices are much lower than LA.
Thanks in advance