FHA for multifamily

[Arman Jay Tigran]

Hey everyone! I am planning to buy a multifamily property and house hack it. Since I’m only 22 I don’t have much to put as a down payment so fha is my best choice. One concern I have is that I am required to live in it, and my research couldn’t really provide me with any information on how long I have to live in it? I am not planning to rent it right away, but I also don’t want to be required to live there for the 30 years (30 year loan). Any info will help, thanks!

[Matthew Porcaro]

Originally posted by @Arman Jay Tigran:

Hey everyone! I am planning to buy a multifamily property and house hack it. Since I’m only 22 I don’t have much to put as a down payment so fha is my best choice. One concern I have is that I am required to live in it, and my research couldn’t really provide me with any information on how long I have to live in it? I am not planning to rent it right away, but I also don’t want to be required to live there for the 30 years (30 year loan). Any info will help, thanks!

FHA only requires you contractually to live there for one year.

It's possible that if you use a 203k loan and build enough equity during your rehab, that you can refinance out of it before the year is up, and into a conventional mortgage where you no longer are under the FHA rules.