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Updated over 8 years ago on . Most recent reply

Matthew Hamilton's profile image
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Matthew Hamilton
  • from Tuckerton, New Jersey
  • Member since Mar 1, 2016
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Matthew Hamilton
  • from Tuckerton, New Jersey
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Matthew Hamilton
  • Tuckerton, NJ
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Multi-Family and Apartment Investing

FHA MULTI FAMILY QUESTiON

Matthew Hamilton
  • Tuckerton, NJ
Posted
If I were to buy a triplex using FHA financing that is fully rented how would this work? They just signed new leases a few months ago but I would have to live in this triplex in order to do an FHA loan.. what are my options?
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Brie Schmidt
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  • Chicago, IL
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Brie Schmidt
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  • Chicago, IL
ModeratorReplied
Originally posted by @Matthew Hamilton:

If I were to buy a triplex using FHA financing that is fully rented how would this work? They just signed new leases a few months ago but I would have to live in this triplex in order to do an FHA loan.. what are my options?

 check to see if any of the leases have a kick out clause, or if the seller is willing to buy out a tenant.  

The bank is going to ask for all leases and if all three are not up for another year you won't get the loan .

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