Louisville, KY · Member since 2015 · 68 posts · 7 votes
Good Morning everyone,
I have a question. So I have been working for the government for 5 years. I make a pretty decent salary (nothing exciting). I haven't purchased a home since I been working. So I see a Fannie Mae property back in my hometown (Alabama) for 26k. I am able to get a mortgage loan for 10 years with 4% interest to acquire the house. My thing is that I may use it for my first home then possible rent it. Do you think this maybe a good route to go. The monthly payment should come to $325. Basically a car note. I don't have a car payment and basically try to live a little frugal.
What you think?
Investor · Kansas City, MO · Member since 2013 · 465 posts · 170 votes
10y
Hold up and slow down the train. You are looking at a house you want to purchase as an owner occupied and not actually owner occupy it? That's fraud. Pure and simple. Don't do that.
Louisville, KY · Member since 2015 · 68 posts · 7 votes
10y
Andy Robison I will basically be staying in there. I have to do training in our Alabama office. But I also travel so 2 to 3 days I will be there some weeks. Not trying to pull a fraud. But the system we live in is a fraud.
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
10y
@Latravis Brazil, if you say you the property will be owner-occupied, and you do not intend to occupy it, you are committing mortgage fraud. If you do not plan to live there, do not say you will.
Louisville, KY · Member since 2015 · 68 posts · 7 votes
10y
Mindy Jensen I plan to live in it for 2 years depending if my job has to move me again. But I am trying to see if it is worth purchasing if I know that is a fact in my books. If I stay in it 2 to 3 days a week does it matter.