USDA loan for large multi-family
Hello,
I am reading through the requirements of USDA Multi-Family loans (for larger non owner occupied multi-family properties), and they have certain income limitations for tenants, as they are intended for lower income housing.
Does anyone know what happens if someone were to buy an existing property (with existing tenants) with such a loan? Is it not possible if the existing tenants exceed the income limit (or they expect you to kick out these tenants?), or do they only require new tenants to meet the income limits? (Which for their "guaranteed loans" don't seem that low)
Perhaps @Brandon Turner has some input on this? (I learned about USDA loans in his book in the first place).
Jean