Financing in Media>Question Details

Rose430, Home Buyer in Media, PA

I need info about buying a condo as a secondary residence using an FHA loan. HELP!!!

Asked by Rose430, Media, PA Tue Jun 8, 2010

If you purchase a condo with an FHA loan as a secondary residence, is there a requirement for the amount of time you need to spend there? Doescaring for a sick relative qualify as a reason to buy a secondary residence under FHA guidelines? and do you need to OWN your primary residence to buy a secondary?

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Hi, Rose430

FHA mortgages can only be used on primary residences. Only exception is for seasonal migrational employees.
0 votes Thank Flag Link Thu Oct 28, 2010
FHA requires the occupant buyer(s) to live in subject property for a minimum of 1year (located within FHA documents). If you are buying the home for a relative, explore the option of being a non occupant co-borrower. You help qualify for the loan with income, credit, assets but you are not considering an occupant. The relative would have to be credit worthy enough to meet investor or FHA guidelines. The income and assets are blended. If the blended numbers meet FHA and investor requirements the occupant will not have any limits of income or assets imposed.
0 votes Thank Flag Link Thu Oct 28, 2010
Good morning Rose,

Using an FHA loan for this purchase may prove impossible. Keep in mind, the condo will also need to be an FHA approved developement. If your current home is paid for, there may other options for financing available. Please feel free to contact me if you have any further questions or would like to expore your options.
0 votes Thank Flag Link Wed Jun 16, 2010
Hi Rose

As others have mentioned FHA are for owner occupied properties only. However, there may be some financing alternatives that may support your needs and can keep out of pocket expense to a low percentage. While there are specific rules governing the purchase of condos, there are options.

Since I am located in Media also, I may be able to help. I work closely with many mortgage companies and have a 20 year background in finance.

Please feel free to contact me if I can provide additional information.

Best regards,
Traci Marra
Keller Williams Real Estate - Media
1400 N Providence Road
Media, Pa 19063
610 565-1995
610 653-6870
Web Reference: http://www.tracimarra.com
0 votes Thank Flag Link Wed Jun 9, 2010
What Jeff said. FHA is for primary residences only.
0 votes Thank Flag Link Tue Jun 8, 2010
Also to use an FHA loan to buy a condo as a primary residence the condo has to be on the FHA list of approved condos.

I believe Wells Fargo do loans for secondary/vacation homes at rates comparable to primary residences but are conventional loans - don't have to have an owned primary residence.
0 votes Thank Flag Link Tue Jun 8, 2010
The FHA loan program is strictly for owner occupied property and not permitted for second homes or investment property. If the second 'home' is not your primary residence and will be occupied by a non-owner then it is an investment property. Not allowed by FHA. You may only have one FHA mortgage at a time.
0 votes Thank Flag Link Tue Jun 8, 2010
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