What are my options??

[Dawid Surowiec]

What's going on PB community!! I received a call from one of my direct mail campaign. The motived seller wants to sell a four family that is fully occupied. The seller doesn’t want to evict any tenants before the closing and the seller doesn’t want me mentioned about thing about evicting the tenants until after closing. I want to OO the property with a fha loan. My main questions is.. Will a mortgage company give me a fha loan, if I tell them I’ll evict a tenant after closing? What are my options besides hard money? Thanks for all the support!!

[Chinmay J.]

Originally posted by @Dawid Surowiec:

What's going on PB community!!

I received a call from one of my direct mail campaign. The motived seller wants to sell a four family that is fully occupied. The seller doesn't want to evict any tenants before the closing and the seller doesn't want me mentioned about thing about evicting the tenants until after closing. I want to OO the property with a fha loan. My main questions is.. Will a mortgage company give me a fha loan, if I tell them I'll evict a tenant after closing? What are my options besides hard money? Thanks for all the support!!

Not a lender so you should consult one. The FHA loan is an owner occupant loan. As long as you promise the lender that you will occupy the place in 60 days, and follow through with your promise, and continue occupying the property for 1 yr, you should be fine.

I have heard from some friends that in blue New Jersey, it takes forever to evict tenants. Do you think you can evict the tenant in 60 days? Not sure. I Virginia you can do it probably 2-3 times lol..  So talk with the lender about that aspect as well.