Time frame for FHA owner occupied 4-plex?

2 Replies

I am looking to buy my first rental property. Thinking of going FHA and be owner-occupant, self manage the property. I believe FHA requires owner-occupant status on 4-plex. Is there a limit to this? Can I decide to move out and rent my unit after a couple of years?

Thanks!

The residency requirements are 1 year for FHA...... The reality is if you have a change in your status they can't force you to live in your 4 plex. It will be hard to explain if you move down the street or across town with no posable explination. The truth is if I had it to do over I would have lived in a 4plex for the first year and moved on. Good luck

@Greg Gibbons

Great idea! My wife and I did this and closed on our 4-unit property about 6 months ago. I believe this would apply across the board for FHA guidelines, but we are required to live on-site for 1 year... no sweat right. We are saving up currently and hope to be into our next property soon after our one year mark. Too bad we can't use FHA a second time though. Good luck and let me know if you need any advice in the future!

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.