My wife is in a short sale contract for a 3-unit multifamily with an FHA owner occupied loan. We do not know if or when the bank will approve this deal. I am not under this loan.
We need housing soon, since our rental lease ends in 3 months. I want to apply for a single family house under my name. I am thinking about buying it under my name with an FHA loan. Most likely, this single family will close sooner than the 3-unit.
Ideally, I could have 2 owner occupied FHA loans, husband wife with one FHA loan each. However, I'm not sure if FHA guidelines allow this.
I don't think that FHA would allow this as you are suppose to occupy the property. If you are separated and living in separate housing you could possibly argue it but you need to talk to a lender. If you are living together and plan to keep doing so it would be fraud as you would not be occupying both properties.
Since your wife is doing this loan the borrowing spouses credit report will be required. Plus if you apply for a loan the application is going to ask if you have any interest in a home in the past 3 years. Plus they will pull your wife's credit and see the current FHA loan.
What you're trying to do will get you in trouble even if it slips through the cracks initially. It's not worth it Sir.
I hope this helps and have a great Sir.
Shaun Weekes, Innovation Lending Solutions | [email protected] | 949‑610‑3126 | https://www.facebook.com/Innovation-Lending-Solutions-Inc-261955880814516/ | CA Agent # 0L51686
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