Profile picture for Conflictxnj

For FHA, can my second home be my primary residence?

Basically, i am looking to buy my first home. I'm in a situation where I live with my girlfriend and our children in a house where she is on the deed. She has no income. In order to get the full value on the sale, I offered to buy so I can do repairs. I am looking at this to be a 30 day turn-around so we can use this equity to purchase and have some money in the bank. I will not be occupying the home at this time. Am I; at this point disqualified for an FHA loan?
  • September 05 2010 - Philadelphia
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Answers (5)


If I understand correctly, the girlfriend owns the current house you reside in and you are buying your first home, and want to pull some equity out of her home to purchase your first home...?

If she has no income, she will not be able to pull equity cash out of the current house.

If this is your first home, you can buy FHA as long as you move in.  If you are currently also on the deed with the girlfriend for the current property that eliminates an FHA loan unless you are going to switch homes and this second would be a primary residence.

Eve in Orlando
  • September 07 2010
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FHA - owner occupied / primary residence. 

I'm not sure I understand how you purchasing the home from your girlfriend would provide full value on the sale?

You could do the repairs perhaps and have your girlfriend sign a promisary note to be paid at closing for the fixing up; or you could do a workmans lien perhaps to protect yourself.

You should talk to a RE Attorney for best approach.  I don't think refinancing in your name, unless you planned to keep the home -  would be the best approach.  You should explore other options.
  • September 06 2010
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Profile picture for Conflictxnj
Thanks. I am just figuring to take advantage of an FHA loan. I dont want to be putting half of the sale of this house as a down payment. So, it's my second home I need FHA for.
  • September 05 2010
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Profile picture for Mills Realty
If you can classify this as your primary residence then you can use FHA, but it needs to be your primary residence.
  • September 05 2010
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Profile picture for wetdawgs
FHA must be your primary residence in the scenario you describe.
  • September 05 2010
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