I have been approached about assuming an
FHA mortgage. I will not be residing in this property only using it as an investment. I have read in my Carleton Sheets book that an FHA assumable must be owner occupied. Is this true???
Carlton is right and so are you. FHA loans originated prior to 1989 could be assumed by investors and paid down to 75% LTV. Loans originated after are prohibited from investor and not for profit assumptions. There are other creative ways to pick up these properties. Sandwich lease, sub2, etc…
Good luck
DS