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Updated about 9 years ago on . Most recent reply
Creative Financing
Hello BP users, hope you all are having a good Labor Day weekend. I have a question concerning low money down creative financing. I'm not incredibly new to BP, but I still haven't pulled the trigger to invest yet, because I want to be well educated instead of jumping in over my head right away.
Anyway, I wanted to know if I could use a partner who would live in the property to qualify for an FHA loan, and then I would supply the down payment of 3%. It makes sense to me, but sometimes there are not so well known rules that would prohibit this. Thanks!
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Brian Gibbons
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Brian Gibbons#5 Guru, Book, & Course Reviews Contributor
#5 Guru, Book, & Course Reviews Contributor
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- Sherman Oaks, CA
FHA is for Owner Occupant.
You are not going to owner occupy.
Remember everyone needs to disclose everything in Bank Financing.
Remember any deviation from full disclosure is BANK FRAUD.