Trying to Assume Someone's FHA Loan but NOT planning to live there

[Nicholas DiSanti]

To all my creative finance aficionados, I have a situation...

I have a potential off-market deal in my hometown of Pittsburgh. A woman is moving out of her home but has only owner it for about 2 years. She doesn't want to list it and sell it traditionally because of fees.

She is offering a deal to assume the loan, and it is assumable, but the problem is, it's FHA. They require the person assuming the loan to live there.

Anyone have any ideas on how I can get this deal done with low / no money down? 

Thanks!

[Jason Wray]

Stay away with trying to get it under FHA if you already own a primary it will get "Red Falgged" in underwriting. If you do not plan to live there buy it as either as a Seond home or investmet.

Second Home is 10% down - seller can offer seller credit to cover closing costs.

Investment Home - 15% down - Selelr credit but ony 2% of sale price Max.

Pull cash out of your primary or another property via cash out refinance or LOC for the down payment.

Feel free to reach out if you have any questions.