FHA loan on multi family property?

[Steve Rogers]

I am looking to buy my first home. I would like to use and have been approved for an FHA loan, because I don't have a lot to put down. I want a multi family property where I can live in one unit and rent one or more units.

I've been told that with an FHA loan the most I could get is an owner occupied 4 plex. Anything larger than that they consider "commercial".

I found a 7 unit building that is in my price range. Only three units however are rented, four are empty. Would it be possible for me to keep and occupy 4 units all to myself? And now call it a 4 unit building?

Each unit is only 500 sq ft, so it is not unreasonable to want a larger space. I can afford to let 3 units sit empty if need be.

Is there any way I could get away with this kind of plan? I could refinance in a year or so and then continue to rent as many units as I want to without FHA restrictions.