My grandfather recently passes away and left his home to my uncle. My uncle does not want the home and has decided to sell it to me. He never occupied the home. We are trying to get an FHA loan, but it states:
"A family member purchases another family member's home as a principal residence. If the property is sold from one family member to another and is the seller's investment property, the maximum mortgage is the lesser of
•85% of the appraised value…
The part I am wondering about is would this property be considered my uncle's investment property, although he never purchased it with the intent to profit? It was inherited by him.
Read more: Is inherited proprty considered investment property?
