I know another FHA question

5 Replies

I know that a 5 unit is a multifamily. But what if it has 4 units with 2 beds and one unit is a single bed, could i still get a FHA loan and say I live in the single, becuase it is required to do so. And another question is, I have read that if you get a FHA loan and a year later or however much time it takes you to convert it to a conventional loan you can go back a get a FHA loan again for another duplex or house or what ever.

Senad,

I have looked into this quite a bit and you do have to occupy one of the units. Its a great way to get started in RE investing. You can refinance after just 6 moths.

FHA also has a commercial product for 5+ units, but its much harder to qualify for due to a lot of different criteria.

I can put you in touch with a really good FHA lender if you are seriously looking or even have something under contract. Let me know and I'll forward it to you

Phil 

Originally posted by Account Closed:

I know that a 5 unit is a multifamily. But what if it has 4 units with 2 beds and one unit is a single bed, could i still get a FHA loan and say I live in the single, becuase it is required to do so. And another question is, I have read that if you get a FHA loan and a year later or however much time it takes you to convert it to a conventional loan you can go back a get a FHA loan again for another duplex or house or what ever.

"could I still get a FHA loan and say I live in the single" mortgage fraud is a serious offense. It's a felony, need I say more?

How would it ne mortgage fraud FHA loans require you to live in one of the units i dont think it what matter if I lived in one with 7 beds or just one. I could be wrong though.

Originally posted by Account Closed:

How would it ne mortgage fraud FHA loans require you to live in one of the units i dont think it what matter if I lived in one with 7 beds or just one. I could be wrong though.

 Your issue is not the number of beds it's the number or units.  5 units is commercial and not residential.

Could be wrong but the conditions are such as this: 1. Live in the unit for at least a year, 2. must landlord the next 2 years. You also need a 'reasonable' excuse to move out, either family growing, or getting a job at a different location, forcing you to move. 

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