FHA & 203K Loans

[Blaine Bacon]

Hello everyone,

My wife and I bought our first house last year. We used an FHA loan to get it, but since I had better credit than my wife, and just my salary alone was enough to get us into the house we wanted, we didn't add her to the loan so it's just in my name. Now would it be possible to get an FHA loan or 203k loan and just put it in her name? I think I've read that you either have to live in the property or just own it for 5 years correct?

We are trying to purchase our first rental property and I thought this way might work since we don't have enough to put 20% down just yet.