FHA Loan and general questions

Hello Everyone,

I just got prequalified for 400k at 5.35% APR FHA loan 3% downpayment.

I’m looking at a property that’s a 3bed/3bath for 340k. Sq footage is 1300 for the home and the lot itself is 10,000 sq ft. There is a potential to build another home on the lot in the future since the house is positioned at the back of the lot with a long driveway. The average rental income is starts at $2300 per home and the mortgage payment + PMI is roughly $2050.

I’m able to stay at my family’s home and don’t need to live in there. But I understand that with the FHA loan the house will have to be my main residence for at least a year. Any tips on what I should do?
Also, in terms of capital expenditures, how much should I be budgeting? New to real estate investing so any feedback is appreciated!

submitted by /u/Frosty_Marketing4911
[link] [comments]

Hello Everyone, I just got prequalified for 400k at 5.35% APR FHA loan 3% downpayment. I’m looking at a property that’s a 3bed/3bath for 340k. Sq footage is 1300 for the home and the lot itself is 10,000 sq ft. There is a potential to build another home on the lot in the future since the house is positioned at the back of the lot with a long driveway. The average rental income is starts at $2300 per home and the mortgage payment + PMI is roughly $2050. I’m able to stay at my family’s home and don’t need to live in there. But I understand that with the FHA loan the house will have to be my main residence for at least a year. Any tips on what I should do? Also, in terms of capital expenditures, how much should I be budgeting? New to real estate investing so any feedback is appreciated! submitted by /u/Frosty_Marketing4911 [link] [comments]

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