I found this property that I like and would like to buy for 120k however my credit was holding me back the bank said I needed at least a 680 however I can buy with a FHA.
I know there are rules but I'm not too familiar with them
if I were to buy the property with a FHA loan then rent it out what will happen?
yes. If you buy as primary residence and rent out without living on it and the bank finds our they can call the loan balance immediately. If you put money down and can't get it paid off you will lose house at d down payment
I just purchased my first property using an FHA Loan. You have to live in the property for atleast year.
They do allow you out of the 1 year residency requirement if a circumstance arises that forces you to move, such as a deployment or job change. Otherwise, you'll have to refinance the loan if you want to rent it in the first year.
Julio, would you be willing to get together on a deal? I live in Port Charlotte and am looking for deals. I am interested in flipping and rentals.
hey Cody I would like to talk and share ideas
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.