Last April I purchased a duplex in LA, Ca via a 3.5% FHA program. My realtor explained to me that I will need to pay 20% down payment on my next purchase because I am considered an investor. I was told that unless I get a single family home (owner occupied), or a home a certain distance away (to be called a vacation home) that 20% down was my only option.
I have another realtor that is willing to facilitate a transaction for me and tells me that their is no way of banks or gov finding out if I occupy the property. Does anyone know of possible consequences if i am caught financing a property owner occupied that I don't live in? What if I live in it for one day?
My plan is to purchase homes in the price range of 65-75K in Palmdale, Ca and rent them. If all goes well i can put 3k down, pay 500-600 per month mortgage, and collect $1200 and up in rent. I already tested the market by listing a house thats for sale (I dont own) in Palmdale for 65k on craigslist for $1200 a month. I got 10 calls and and 1 email in 2days.
Any comments, advice, etc would be greatly appreciated. Thanks in advance.
I have another realtor that is willing to facilitate a transaction for me and tells me that their is no way of banks or gov finding out if I occupy the property. Does anyone know of possible consequences if i am caught financing a property owner occupied that I don't live in? What if I live in it for one day?
My plan is to purchase homes in the price range of 65-75K in Palmdale, Ca and rent them. If all goes well i can put 3k down, pay 500-600 per month mortgage, and collect $1200 and up in rent. I already tested the market by listing a house thats for sale (I dont own) in Palmdale for 65k on craigslist for $1200 a month. I got 10 calls and and 1 email in 2days.
Any comments, advice, etc would be greatly appreciated. Thanks in advance.
