Bridgeport, CT · Member since 2016 · 11 posts · 1 vote
Let me give you a bit of a back story. i live in a prime area with one of the best school districts in the area, with two small children this is important to me. With that being said i want to invest in a multifamily family property using a FHA loan but i don't want to live in the property. So i was wondering if i could sublease the unit that i reserved for myself.
Rental Property Investor · Orlando, FL · Member since 2016 · 463 posts · 220 votes
9y
FHA loans is for owner-occupants. You will sign an affidavit at closing certifying that you intend to occupy the unit. If you don't (and are already showing intent NOT to), that is called mortgage fraud, and I don't suggest you do it. Find another way to purchase the multi-family while maintaining your honesty and staying on the right side of the law.
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
9y
@Lawrence Taylor - That's classic definition of mortgage fraud. If you really want to do it get an investor loan (25% down and around 5% APR these days) or live in one of the units for about an year. Once you live for an year, you are in the clear and can move out if you'd like.