Help! Underwriter doesn’t believe we will live in 4-plex!

[Eric Mayer]

Hello everyone, long time lurker! My wife and I are a week away from our closing date on an FHA 4-plex and the underwriter has said they do not believe we would live in the property.

Our plan was to sacrifice quality of life for 1 year to get a great deal and it would give us a chance to sell our liability which is a 1 bedroom in a high rise on Clearwater Beach. 

The 4-plex has all 2 bedrooms units and we are newlyweds that will need more room soon. We own a few other quads and a triplex, but have been saving our fha loan for the right opportunity (at a higher price point.)

Do we have any options other than backing out of the deal and losing the inspection & appraisal money or going conventional? I was wondering if anyone else has had a similar experience. We really do want to live in the property!

Thank you,

Eric & Jessica Mayer

[Russell Brazil]

@Eric Mayer

Yes, being wealthy is not a protected class.