Living in Augusta, Ga and investing in Bangor, Me.

4 Replies

I can’t use my VA loan as I am not moving to Maine any time soon but would like to start investing there as it’s where I intend to move in the future. Looking into FHA loan on an under-50k duplex. What are some things to keep mindful of? What are some tips or tricks for using that financing? How does it all even work?!

Well I just learned that I cannot use FHA if I’m not living there. Sooo I guess that answers that lol. Are there any methods of similarity investing with minimal down while being out of state?

An investment property require at least 20% down when you are not going to be living in the property. If you are going to be moving to Maine in the future, then wait to make the purchase for a time when you can reside in the property for a year or more, and you will be able to use the FHA Loan for 3.5% down or the VA Loan.

Could you try to owner finance the property you are looking at or subject to?

Often times little to no upfront $ with exception to closing costs and EMD