New to Real Estate · TN · Member since 2021 · 94 posts · 73 votes
Hey BP fam,
I had a question pertaining to FHA loans. I am planning on getting a FHA loan on a multifamily property and house hacking. And I know the very basics of the loan, such as you (typically) need to occupy the property for a at least a year.
Now for my question: I mentioned this to my brother, and he asked me the following:
He just renewed his apartment lease that will expire in Oct 2022. What happens with that lease if he gets a FHA loan? Or how does he handle that?
Also; he is planning on getting engaged to said girlfriend over the next year. If they each buy a multifamily property using a FHA loan over the next year, and they get engaged, do they have to keep the "owner occupied" portion of the terms or can say, his girlfriend move into his unit and they rent out her old one?
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
4y
@Dominick Galinis this is where having an awesome lender on your team can help. All of these questions can be answered in 5 minutes with an investor friendly lender. There are qualifying life events (like getting married) that let you move out before a year, and many other loop holes in the program which investors can legally utilize. You just need to make sure you have a game plan together with the right lender. I would search the forums in your local area to find the active lenders and then network until you find someone you trust to work with.