Can FHA loan be paid off in 6-12mo?
Hi guys,
So, I'm looking to purchase my first home with the intentions of flipping it. I need the highest LTV possible, as I have little saved up. Hard money loan programs seem to be ideal for flipping as they are asset-based, however, have a lower average LTV than the 96.5% seen with an FHA. My question is this, and please forgive me if it's a silly one but, can I choose to pay off the FHA loan in ~6mo, once the flip is completed, or must it be paid off over the full 30 years? If so, it would make sense for me to go that route, right?
I found this article on the matter but am having a tough time interpreting it due to my rudimentary understanding of things.
https://www.ovmfinancial.com/fha-flipping-rule/