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Updated over 6 years ago on . Most recent reply

User Stats

54
Posts
15
Votes
Chris Hayes
  • Oklahoma City, OK
15
Votes |
54
Posts

FHA loan question about renting

Chris Hayes
  • Oklahoma City, OK
Posted

I'm in the process of buying a house that I'm going to live in for a while before turning it into a rental property. In the meantime I plan on looking for other houses to turn straight into rentals using the BRRRR method. So, here's the question. I'm looking at different down payment options from an FHA loan all the way to 20% down. How long do you have to live in a house bought with an FHA loan before you can turn it into a rental, or do you need to refinance into a conventional loan before turning it into a rental? I've heard varying answers. I've thought about an FHA loan so I don't have to put down as much because I want to get my car paid off early, wiping out my second largest bill.

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