Archive for June, 2002
Fha Investment Property Guidelines
Buying a house from a wholesaler with an FHA Mortgage? Is It Legal?
I have been looking for a house to purchase, and I planned on using an FHA Mortgage to purchase. I have found a house that I really like, and I want to buy it. However, a wholesaler has a signed contract on the property. He is willing to assign the contract to me or sell me the house; however it works. I plan to live in the house, and I know I qualify under FHA Guidelines. My question though is it legal and legit? Does the FHA even allow this type of purchase? I know the guy is making $5,000-$8,000 on the deal itself, and I am just not sure if it is allowed under FHA guidelines. I have done research and usually contract assigning is used by people who scout for investment properties.
This is a good price on this house, even though the guy is making some money. Which I really don’t have a problem with. I just didn’t know if the FHA allowed you to purchase a house via assigning a contract for purchase.
A purchase contract is a purchase contract whether it is assigned or not right? If they lender’s qualification letter prohibits it than I think you should be fine!
I’m no attorney and I would consult one if I were you.
First Time Home Buyer Program, $8000 Tax Credit, Buy Foreclosures Cheap with FHA Mortgage
