What Kind Of Property Can I Buy Using A FHA Home Loan?

FHA loans can be used to purchase or refinance a single family home, duplex, triplex, four unit property or condominium just as long as the borrower will be occupying one of the units.

FHA loans can be used to purchase a rehab “fixer-upper” property. FHA will allow you to borrow up to $50,000 to pay for repairs after you own the home.

Another advantage of an FHA loan is that it is assumable, which means if you want to sell your home, the new buyer can take over your loan. In the past, as interest rates decreased over time, most people weren’t interested in assuming someone else’s loan. However, in a time when interest rates are a record low, rates only have one direction to go. Up! In a few years, having an assumable loan could turn out to be a distinct advantage.