3 ms·
He also was probably not financing the purchase with a mortgage.
by BillSaysThis 2y ago
He also was probably not financing the purchase with a mortgage.
- thuuuomas 2y agoI’m very curious to know how many flippers are on the books with FHA. Definitely a nonzero amount. Who’s really checking up on owner occupancy? Like 4 overworked feds in DC?
- zdragnar 2y agoFHA loans can't be used for investment properties. You must move in within 60 days and retain residence for one year. The only exception that I know of is if you buy and move into a multi-unit building and occupy one of the units yourself. If you obtain an FHA loan, you are attesting an intention to comply with these requirements. Going into the loan with the intention of selling quickly (not occupying and or flipping in less than a year) exposes you to charges of fraud.