How to finance primary residence/rental property?

[Ryan Culp]

Good Morning,

I have a unique situation on my hands. I am going to be purchasing a home in Galveston Texas that I plan on renting out as much as it can be rented. But I also plan on going to the home when I am off work to enjoy it myself. Now my dilemma is how to go about financing it.

I am a merchant mariner so I am only home about 4 months a year right now. I do not currently own a home. So I am having a little trouble getting clarity as to how I should finance this home. Can you use an FHA loan and rent the home out as a vacation rental? Or would that be considered mortgage fraud? My situation is unique because I really am only home about 4 months a year. I am also considering an investment loan, but being only 24 I am not sure I will be able to get one. I have the money to put down and a great credit score, but do not have the credit history I think I will need. Not to mention with an investment loan I have read you can only spend 2 weeks at the home and when I am home I would like to spend a decent amount of time there.

Another note, I have my primary residence with my parents. I can leave it as it is if that is of any assistance.

Any suggestions of how to go about this would be greatly appreciated.

Respectfully,

Ryan