FHA

[Markus March]

I am currently residing in Mississippi an I am think about trying to get an FHA loan to purchase a single family home or an duplex for me to rehab as well as an renter property. The problem I am having is that my credit is not the best. But I have be really thinking about trying to get an FHA loan to purchase a single family home as well as a duplex housing.

My question is how can I get an FHA loan in my currently situation?

How can I get any loan with my currently situation? 

If I cant get an FHA loan what other way I can go by in purchasing these properties really I am think about doing this?

Any help from my BP family would greatly needed thank in advance.

[Terrence Robinson-Brown]

Hey Markus,

I'm about to close on my second FHA LOAN(which I didn't know was possible until I spoke to my loan officer). My credit was FAR from perfect but the property is only 85k and I have a decent salary. An yea, you MUST stay in the property. Someone said for one year but from my understanding it's 3 yrs ( I could be wrong). My first property(closed in 2009) was a three family and I stayed in one unit. This second property is a 2 family and my loan officer and realtor made it clear to me that I would have to stay in the unit. Since the property has a legal full finished basement I can still receive two rents and have a living space for myself.

In closing, I would inquire about the FHA loan because if the low 3.5% down. Even with non perfect credit it may go through. I wasn't even at a 700 but my salary is good and the property is cheap.

Give it a shot. The worse that can happen is they day no. At least then you'll know where you stand an what you need to do to be in a better position.

Terrence......... Excuse the typos (iPhone)