Home Buying in Columbus>Question Details

Cassandra Sk…, Home Buyer in Canal Winchester, OH

FHA and investment property

Asked by Cassandra Skipper, Canal Winchester, OH Wed Dec 26, 2007

Are FHA loan guildline requirments the same for investment property as it is for purchasing poperty?

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Answers

4
Conventional Investment loans are becoming very difficult to get without a significant downpayment of at least 20%.

FHA requires that you be an owner occupant if you purchase a multi-family dwelling.
0 votes Thank Flag Link Sat Nov 1, 2008
You can purchase multi-family property with an FHA loan, as long as you are going to accupy the home. FHA certainly has easier guidlines and I think they will get easier as the year goes on in 2008, however, it is intended for owner occupied homes. good luck!
0 votes Thank Flag Link Wed Dec 26, 2007
FHA was designed to help first time homeowners buy a home. If you are buyng an investment property you will be better off with a conventional loan.
Michael Doyle
0 votes Thank Flag Link Wed Dec 26, 2007
Hello Skipper. For loan guidelines for FHA properties your best answer is with the loan company you are using. As a general rule, FHA does not finance investment properties unless you're referring to the FHA 203 Rehab loan. Usually FHA guidelines are similar across the board, depending on the type of loan you are getting. Check with your lender. Good luck.
0 votes Thank Flag Link Wed Dec 26, 2007
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