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Updated about 4 years ago on . Most recent reply

User Stats

68
Posts
11
Votes
Deonte Palmer
  • Flipper/Rehabber
  • Chicago, IL
11
Votes |
68
Posts

FHA questions also tips on acquiring property

Deonte Palmer
  • Flipper/Rehabber
  • Chicago, IL
Posted

I am looking to purchase my first multi unit property I have 7k saved up to do it and I qualify for the fha loan. I just have 3 questions.

1) I have a move in date on a apartments with my current girlfriend and the move in date is June 1st I mention that because, I was wondering about the residency requirements as far as the property is it a way around it or is best to just live in the property for 6 months.

2) I had one pre qualification down and I plan on doing at least 2 more before my window closes and my credit takes the hit. What would you recommend when shopping with lenders what questions to ask, and just how to be efficient as possible.

3) Lastly, when I spoke to the lender he mentioned a 203k loan to me I’ve been watching YouTube videos and just googling as much info as possible. But if anyone is willing can you drop some personal stories involving it.

Thanks in advance for input and help. Wish me luck!!

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