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Being qualified getting PPP Finance:

Last year, government entities introduced brand new CARES Act, which is an ongoing $dos.2 trillion monetary stimulus statement. Read more

If you want to buy a house not to live in but to use as an investment property — renting it out to tenants as a way to earn extra money each month — you’ll need to be careful about the type of mortgage loan you take out to finance it. Certain loans — mostly those insured by a branch of the federal government — require that you live in your home. This includes loans insured by the U.S. Department of Housing and Urban Development’s Federal Housing Administration.

Occupancy Requirement

Loans insured by the Federal Housing Administration — better known as FHA loans — are popular among buyers because they come with lower down payment requirements. If your FICO credit score is at least 580, you’ll only need a down payment of 3.5 percent of your home’s final purchase price when taking out an FHA-backed loan. But these loans also come with their own set of restrictions. One of these is the occupancy restriction. The government requires that borrowers taking out FHA loans actually live in the properties that they are buying.

Fraud

Don’t be tempted to lie about living in your home. As you fill out your lender’s Uniform Residential Loan Application, you must specify whether you plan to occupy the home you are buying as a primary residence. If you lie so that you can qualify for an FHA loan, you are committing mortgage fraud. Read more