Q&A: I rented a condo a few months ago. My landlord has agreed to sell it to me at a good price. I only have 3.5% to put down. Can I get an FHA mortgage?
Not so fast !! FHA requires that if the buyer is residing in the subject property, they must be living there for six months before being eligible for an FHA mortgage loan with max financing (3.5% down)
It may seem illogical, but that’s the law. So, you and your landlord need to adjust your expectations and plan your closing date, financing and rate lock period accordingly.
Otherwise, be prepared to put down 15% percent with an FHA mortgage.
