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 

404‑557‑0867

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.