Looking to use 203k loan for investment

Looking to use 203k loan for investment

Member since 2020 · 4 posts · 0 votes

Hello guys. I know a 203k is used for your primary resident. But is there a way around that? Like, having my niece live there for a while? I already have a mortgage in solely in my name. But my wife will be a first time homeowner, can she apply for a 203k, keep all bills in her name, just have her niece pay for us back or whatever. Thanks 

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  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    6y

    If you're wife gets the FHA 203k loan (not a cake walk in it's own right) and does not actually live in the property, she would be committing mortgage fraud. Not good, @Rodney Daniels, not good.

    So, no, there is no way around that.

  • Member since 2020 · 4 posts · 0 votes
    6y

    Thanks! That’s why I’m here. For education! Appreciate it

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