My husband and I have been searching for a property purchase, one that temporary checks our boxes and also kickstarts our investing journey. We’ve found a great option for us in Tennessee with a cabin (currently used as a str) and a mobile home. We have been told that fha will not cover this since there’s are two residences on the property. We have some $ saved but don’t have enough to put a full 20% deposit down as needed by most conventional lenders. We have no debt and good credit scores, do we have any options for making this work? I appreciate your answers and advice in advance!
My husband and I have been searching for a property purchase, one that temporary checks our boxes and also kickstarts our investing journey. We’ve found a great option for us in Tennessee with a cabin (currently used as a str) and a mobile home. We have been told that fha will not cover this since there’s are two residences on the property. We have some $ saved but don’t have enough to put a full 20% deposit down as needed by most conventional lenders. We have no debt and good credit scores, do we have any options for making this work? I appreciate your answers and advice in advance!
FHA will depending on how everything is setup. FHA now allows us to count rental income from an ADU (additional dwelling unit) to help borrowers qualify. The ADU cannot be superior to the primary residence. How is the property zoned? Are there similar properties in the area that an appraiser can use for comps?
Lender · OR ID AZ CA WA CO NV TN MT · Member since 2018 · 598 posts · 312 votes
1y
Hi @Olivia Armstrong! Is this property in TN? You can use FHA with 3.5% down or Conventional with 5% down for a property liek this. Would it be helpful to connect on a call and talk through details of this property and laon types? Just let me know. Glad to help.