Funding for my first investment property

[Monique Samuel]

I am looking to purchase my first investment property. I do a few shifts at a hospital 1.5 hour away from where I currently live. I plan to purchase this property near the hospital so can stay at the property only on the days I work (which is 10 days per month). The days I am not staying at the property, I plan to STR. Currently, I don't have a mortgage or own a primary residence. I don't want to move to the area where I work because of personal reasons. Is it wise to use a second home/vacation home loan or an investment property loan to purchase this property?

[Robin Simon]

Quote from @Stephanie P.:

Quote from @Monique Samuel:

I am looking to purchase my first investment property. I do a few shifts at a hospital 1.5 hour away from where I currently live. I plan to purchase this property near the hospital so can stay at the property only on the days I work (which is 10 days per month). The days I am not staying at the property, I plan to STR. Currently, I don't have a mortgage or own a primary residence. I don't want to move to the area where I work because of personal reasons. Is it wise to use a second home/vacation home loan or an investment property loan to purchase this property?

 Hey Monique

If you're going to be staying in the property more than what would be considered a vacation home and your work is close, call it a primary residence. FHA would work, not because they're meant for investors starting out but because they're meant to give low down payment loans for owner occupied properties. If you can, find a property has up to 4 units because FHA will insure them up to 96.5% if you qualify.

All the best

Stephanie

this is the right advice - if you qualify for FHA - then this sounds like the best option for you starting out!