FHA- Can I split an FHA loan with another partner?

2 Replies

Hey all,

I found a partner willing to split a down payment of 15-20k. We want to apply for FHA for the benefit of 3.5% down while being able to split everything.

IS THIS POSSIBLE?! If i could get feedback on this I can get started on my first property and begin this great journey of being a full time investor. 

Thank you!

(also, if you feel like it- Please give me your input on legal contracts that you'd suggest for this partnership)

FHA requires the borrowers to be owner-occupants. Are you and your partner both planning on living in the property? There is a way to have a co-signer who does not live in the property, but there are stipulations on that and I'm not sure if that's what you're asking about. In any event, here's an article on the topic that should answer your questions: How Many People Can Get an FHA Loan Together?

Originally posted by @Kyle J. :

FHA requires the borrowers to be owner-occupants. Are you and your partner both planning on living in the property? There is a way to have a co-signer who does not live in the property, but there are stipulations on that and I'm not sure if that's what you're asking about. In any event, here's an article on the topic that should answer your questions: How Many People Can Get an FHA Loan Together?

 Awesome. Yes, we would both be living there. Looking for a 2 bed or a duplex, in which all money saved (about 1,200-1,500/mo) would be cycled back through the home for reno and upgrades through a 2 year or so period. 

Cash flow isn't a major priority right now. Would love to force appreciation then split the cash flow in half once we move on to rent out our rooms.

Any suggestions? And thank you for the help Kyle.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

Lock 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

Start here