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FHA “AS IS”; Owner Occupancy Ratios for Non-Owner/Investment Condo’s; Investment Property Financing

I had another Realtor ask me today if “As Is” is OK for an FHA Transaction, and the answer is most emphatically “Yes”. We prefer “As Is” transactions for FHA because “As Is” avoids the delays normally associated with getting repairs done and certified as done. Repair issues surface with “As Is” FHA transactions if and only if the appraiser calls them out, and that only happens only if the repair issues are glaring or significant.

We have numerous clients buying up Investment Properties. Keep in mind that Condominium Investment Properties still require owner occupancy ratios above 50% in most cases.
We have several lenders that allow the financing of up to 10 Investment properties. And, in most cases, borrowers are allowed to use the rent from recently purchased investment properties as “documentable income” to help with debt ratios.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167