Inquiry on FHA Loans
Say I use an FHA loan to buy a multi-family home (4 units), and I live in one of the units for a whole year, as required by the FHA.
Am I allowed to rent out the other units while I'm living there, or do I have to first satisfy the living requirement before i can have others live on the property?
Also, say after I fulfill the FHA living requirement, I want to buy another multi-family property. Am I able to buy another property with an FHA loan, or is an FHA loan a one time thing?
Most Popular Reply
@Jonathan Feliciano Yes, you can rent out the other units on the multiunit starting the day you move in. FHA mortgages are for owner occupied loans only, so if the second property you're looking to buy is more than 100 miles away you could purchase it on an FHA loan. If you were to buy another multi unit property and not live in it, you would have to buy on a conventional loan and probably put down 20 to 25%