If you don’t live there then you want landlord’s insurance.
Just as a note, to qualify for FHA you have to live in the property for the 12 consecutive months after closing on the property. If you never intend to live there, then you will be committing loan fraud which is a federal crime when dealing with these type of mortgages. With all the recent HUD crackdowns and new regulations that just kicked in on August 1, you might be asking for serious trouble by doing this.
Hello all. In order to “get my feet wet” regarding landlording I have put a contract on a house that I want to rent out. The house is very inexpensive and in order to move quickly on the deal, I was able to qualify for an FHA loan. My question is what kind of insurance should I get on the house? What’s it called? Should I just get standard home owner’s insurance if I’m not going to live there? But I also have to tell my mortgage lender that I AM going to live there so that I can qualify under FHA… I need to have this set up ASAP before closing so any ideas would be really helpful…