FHA Loan for first investment in my wife's name

[Brian Lybert]

So I am picking out my first buy and hold investment property. I bought our primary home under my name (she is not on the lease). Talked to a lender, and he suggested we put a 2nd mortgage on the investment property in her name as the primary so we can do an FHA loan it as we only have the 3.5% down payment. We would have to hold it for 60 or 90 days (not sure which) then we can rent it out. Was hoping to get some thoughts/advice on this strategy. Thanks in advance!

[Charlie Fitzgerald]

Don't do it. Also, please read the guidelines for owner-occupied FHA loans again because the guideline is not that you only need to hold the property for a year and then you can rent it out. The guideline is that to meet the burden of owner occupied you must live in the property for the majority of each calendar year. Many people mis-interpret this. FHA loans on SFR properties are not and never were intended to be gateways to owning an investment property.