All Forum Posts by: Account Closed

My mom and I would like to invest in a property together. She has the cash down payment (but no job and bad credit) and I have a steady job and great credit (but no down payment)... Is there a way to make this work?

Thanks for the reply! Yes, I am looking to do FHA because I only have enough cash for about 15% down payment (i understand that conventional requires 25% for investment properties, even if owner-occupied.

I guess my main concern is whether or not I would be able to obtain a new FHA loan in a few years (after the 1st one is refinanced to conventional) since I would really not be a "first time home buyer" anymore.

I understand that you are only allowed to have one FHA mortgage open at a time, in order to prevent the use of FHA loans for investment properties. I also know that FHA loans are mainly meant for first time home buyers. My question then is, is it possible to buya property now with an FHA loan, and then a few years down the road, refinance that loan into a conventional loan (turning that property into an investment property), and then take out a new FHA loan on a new primary residence?