Can I use an FHA Loan for a Rental Property?

[Brian McGuire]

Me and my wife currently own a home under my VA Loan in PA. I would like to know if I or we could use an FHA Loan to purchase a rental multi family home in NJ that's closer to my job while still keeping the current home?

[Carlos Valencia]

Hello Brian yes you can only use FHA as a primary so unless you plan on living there thats no problem. You will have to lease out your other property if you want to keep it to help offset the PITIA (Principal, Interest, Taxes, Insurance) against your DTI but if you can qualify for both PITI then you dont need to worry about showing lease agreements or selling your current property. It just depends what your end goal is. Hope this helps.

@Albert Bui @Matthew Kwan

@Albert Buiundefined