A real estate agent explained to me that I can FHA-loan a multifamily residence, move in within 60-days, then after 12 months, move out, and rent out all units. I looked up FHA loan requirements online and I can't find anything to verify this. All the documents I'm finding seem to suggest that it must be a primary residence or the loan can be called. Can someone please clarify? Thanks!
You would have to live in one of the units until you have enough equity (78% according to most FHA) to refinance or have PMI removed.
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