Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Innovative Strategies
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

1
Posts
0
Votes

Possible to use FHA first home buyer loan for investment home?

Posted

I am a first time home buyer living in New Jersey. Ive heard of people using a strategy and was curious if anyone had experience doing so. If possible without getting jammed up by the housing authority, I wanted to purchase a home using an FHA loan with the first time home buyer grant which give me 10k towards down payment and closing. Normally this is supposed to be for a primary residence. However, people have told me you can go into the residence with your "intent" to have it be your primary but once you secure the home and mortgage , your "Intent" changed. (Hypothetically you no longer wish to live there girlfriend didn't like it, you lost your job, had a kid needed a bigger home, etc.) could you than turn it into a rental ? The affordability and rates are so much better with FHA vs conventional. And saving that 10k is huge amount of cash. If anyone has done this or knows anyone who has or has info on this potential strategy please give your feedback back

Loading replies...