FHA Loans
Hello everyone,
Not sure if this has been previously posted or someone else is in a familiar situation but I have a question regarding FHA loans. Now I understand that the property must be a primary residence in order for me to qualify for one of these loans, but I am a college student from Syracuse, NY but I'm currently residing in Bradford, Massachusetts. I would like to be able to look into a property using a FHA loan, because I want my own place to live while I am back home from school. The question is I am leaving back to school 4 months down the road and no longer live in the state that the property is in, could I rent out where I was living previously or will that mess with the terms of the FHA loan?
My main take away from this post is I'm looking to get ownership of a house as a primary residence and rent out the other units. What is the most realistic way that I can be able to have a house down in Massachusetts that I can live in when I am not in school and still have ownership rights and possibably collect rent while I go back to school in Syracuse?
Any advice is considered, thank you!