FHA Loan Articles

Loans the FHA Will and Won't Approve
There are plenty of misconceptions about the FHA single-family home loan program. The loan applicants who are interested in loans for commercial buildings or properties can’t use the FHA single-family loan to do so. These types of FHA home loans are intended for purchasing a dwelling for the borrower’s personal use.
The FHA provides an easy-to-read list of approved and unapproved uses for an FHA mortgage. Once you see the list, it will be clear how FHA single family loans can be used. The rules for approved uses are found in HUD 4155.2, Lender’s Guide To The Single Family Mortgage Loan Process.
According to the Lender’s Guide:
“FHA’s single family programs are limited to one- to four-family properties that are owner-occupied principal residences. FHA insures mortgages secured by
- detached or semi-detached dwellings
- manufactured housing
- townhouses or row houses, or
- individual units within FHA-approved condominium projects.”
- commercial enterprises
- boarding houses
- hotels and motels
- tourist houses
- private clubs
- bed and breakfast establishments, or
- fraternity and sorority houses”

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FHA.com Reviews
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