FHA Loan On Property that already has leases

[Matthew Maggy]

My girlfriend and I are going to use an FHA first-time home buyer loan to purchase a duplex. My question is that if you need to live in an FHA loaned property, but it's already tented with leases through the next year, can one still purchase this property w/ FHA first-time home buyer financing? Does this nullify a lease or what? I don't want to kick somebody out who is paying their rent.

[Chris Pasternak]

To my knowledge, and in PA, you have to honor the lease.  Not the answer you're looking for, however you could look at purchasing as an investor if its a sound investment that way too.

Also, without getting too involved, make sure you AND your girlfriend know its a business.