Brooklyn, NY · Member since 2010 · 24 posts · 4 votes
How would you package your application in such a way that the underwriter wouldn't question why you will buy a triplex as a primary residence versus just another investment property since I'm an investor with many multi-families? Just to be clear my intent is to reside in one of the units and rent out the other 2. The biggest hurdle is to convince the lender that I'm not just using FHA to add to my portfolio of investments.
How would you go about this? Is getting FHA even possible in my scenario?
@Howard C the lender is usually looking for pretty basic stuff: is it bigger than where you live today? Is it more expensive? Is it newer? Is it closer to work? Is it closer to something that is important (airport for heavy travelers, family for those with kids, etc.). They want to see that it is a "step up" for you. That pretty much meets the FHA needs.