Buying multifamily as your primary residence

[Ty Martell]

I currently have a SFH as a primary residence but Is it possible to buy a 4-plex as a primary residence to get a lower interest rate and then rent out 3 of the 4 units and keep 1 not rented as my primary residence for 1 year before renting out all the while still living in my SFH?

[Katherine Blazer]

Quote from @Ty Martell:

I currently have a SFH as a primary residence but Is it possible to buy a 4-plex as a primary residence to get a lower interest rate and then rent out 3 of the 4 units and keep 1 not rented as my primary residence for 1 year before renting out all the while still living in my SFH?

Hi Ty, I want to make sure I am understanding you correctly. You are planning on living in one of the units, correct? If so, then that is fine. You can actually use some of the rental income to qualify for the loan, and you have options with FHA and Conventional.

If you aren't planning on moving in, then no. You may also have trouble qualifying if there is no reason you would be moving into a smaller unit out of your current home. That's why most people say to start with a condo or mf home for their first property and then move up.