Hampton, VA · Member since 2015 · 23 posts · 1 vote
Hello all here's my situation my father's name and my name are on the title to a house. It's paid for free and clear. Can i obtain a fha loan even though i technically own a home already?
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
11y
@Dustin Boggs The property that the title is in your and your fathers name, is it your primary residence or investment?
FHA loans are for primary residence only. Assuming the current is a shared primary residence with your father, and if you are intending to occupy the new property for at least 1 year, then yes it should be possible for you to get a FHA loan for your own primary residence. We would have to do some paperwork to get FHA approval, but it can be explained that its a shared residence, and now you want to move out on your own.
Hampton, VA · Member since 2015 · 23 posts · 1 vote
11y
@Upen Patel Yes the shared property is my primary residence and i would occupy the multifamily. So i should be able to obtain a fha loan correct? Thank you very much for the feedback i have so many questions before i take the leap into my first rei.