FHA is for Owner Occupant.
You are not going to owner occupy.
Remember everyone needs to disclose everything in Bank Financing.
Remember any deviation from full disclosure is BANK FRAUD.
Thanks Brian, it made sense in my head, but didn't know how it would play out in real life. I appreciate your reply. Doing anything illegal is the last thing I want to do.
It might be okay if you got the loan and deed in your partners name and the intent is to actually occupy the home for a period. While he is there, there is nothing wrong with doing renovations and flipping it a year or so later. Of course he or she would have to qualify for the loan in their name. You could gift them the down payment. It may be possible to add your name to the deed as well? But I'd be sure to have something drawn up stating the proceeds from the sale of the home will be split 50/50. No different from an investor buying a multifamily, then fixing up the other units and moving out a year a two later. They were an owner occupant. Same as a live in flip.mcheck with a lawyer and or a loan officer
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing