Question Details

Oscar, Home Buyer in Los Angeles, CA

i whant to purchase a second home and keep for a year then ren it can i qualify for fha or whats the best

Asked by Oscar, Los Angeles, CA Sat Feb 7, 2009

option i have ecxelent credit i need to put a low down payment

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Answers

3
With FHA , the rule is as long as you dont have more then one FHA loan at the time.
Demi
Ecobroker cetified
Keller Williams Realty
Thousand Oaks CA
0 votes Thank Flag Link Sat Feb 7, 2009
Check with mortgage banker if you are move in reside in property for unconfirmed amount of time most likely approved for loan, if purchased as an investment property requires more of down payment or lender could decline.

Many investors purchase homes move in reside for one or so do remodeling, search for tenant, move into another home build an investment property income stream.

Tax benefits for owning a home and investment properties.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 7, 2009
FHA is for first time homebuyers--owner occupied. if you are not planning to occupy the home,you will need a 20-25% down payment.For an investment property you would have to go conventional--no FHA,VA,tax credit,etc.
0 votes Thank Flag Link Sat Feb 7, 2009
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