Second Homes and FHA Loans: Myths vs. Facts for Homeowners
If you’re looking to buy in Pleasant Hill, CA or Huntington Beach, CA, you might think FHA loans are off the table for purchasing a second property. After all, FHA loans are designed for primary residences, right? While that’s true, there are exceptions that allow you to use an FHA loan to secure another home. Let’s separate the myths from the facts and help you make the most of your options.
Myth #1: You Can’t Use an FHA Loan if You Already Own a Home
Fact: FHA loans are primarily for primary residences, but exceptions exist! For example, if your job requires relocation and your current home is too far for commuting, you may still qualify for an FHA loan on a new property in Pleasant Hill or Huntington Beach.
Myth #2: FHA Loans Are Only for First-Time Homebuyers
Fact: While FHA loans are popular among first-time buyers, they aren’t exclusive to them. If you meet the eligibility requirements, you can use an FHA loan even if you already own a home. This is great news for those upgrading or investing in areas like Pleasant Hill’s family-friendly neighborhoods or Huntington Beach’s coastal communities.
Myth #3: FHA Loans Can’t Be Used for Investment Properties
Fact: FHA loans are not for traditional investment properties, but they can work for multi-family homes if you plan to live in one of the units. This is a smart way to start investing in real estate in high-demand markets like Pleasant Hill or Huntington Beach while benefiting from FHA’s low down payment requirements.
At Lux Funding, we specialize in guiding homeowners through FHA loan options, even in complex situations. Whether you’re upgrading, relocating, or considering a multi-family property, our experts are here to help.
Ready to explore your options? Contact Lux Funding today and start building your real estate portfolio in Pleasant Hill or Huntington Beach!
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.