Work in NYC. Live in PA with and FHA

[Karla Parraga]

Hello everyone,

I am currently working in NYC. I saw a couple of properties in Allentown, PA that I really like and the numbers work! I would like to use an FHA loan for a multifamily. The problem is that Allentown is about 2 hrs from NYC. I am willing to do the commute since I have relatives in NYC and I would be able to crash every here and there at their places. The question is, can I be approved for an owner-occupied FHA for a property that is 2 hrs away from work? Also, I am planning on getting my RE license in PA. Any recommendations? Is this doable?

[Frank Chin]

You would be surprised that people actually live in Philadelphia and work in NYC.

A number of years ago, I worked in Manhattan and attended the retirement party of someone who worked in a neighboring department. That's when I learned he lived in Philly, commuted for nearly 30 years. He leaves Philly around 4:30AM each day, takes the bus, and arrives at the Port Authority at 8:30AM.

I thought that it was a fluke till I had dinner with my wife's co-worker at their house in Philly. He works downtown Manhattan, and crashes at a friends place when he had to work late. Says he can't afford the prices in NYC, for the size house he got in Philly.

Back then, in the late 80's, SFR 's in NYC went for $150K, whereas in Philly you can do it for $40K. And through the years, I learn that it is not unheard of to commute from Philly though I wouldn't do it.