Posted on: 28th Sep, 2009 12:40 am
i am in the process of buying a house. My wife is working and she owns a house and the loan is under her only, I am not on the loan but I am on the title. Will I still qualify for an FHA loan?
You may qualify for a loan depending upon your credit score and income. However, the new property that you would be purchasing through the loan may not be considered as your principle residence.
you need to show your new home as your principal home. you show your current home as investment property. House financed by FHA has to be the primary. it can not be shown as investment property