If I were to finance a MF deal with an FHA loan, do you have to live in one of the units for a certain period of time?
@Lauren Dwyer the short answer here is Yes. You are required to live in the property for about 12 months and to move into the property within 60 days (or so) from when you close. FHA loans require that a borrower must occupy the home.
Conventional loans do not require that you live in the home. But if I can guess here a little...FHA loan will have a significantly lower down payment for a multi-family unit - 3.5% down.
Feel free to tag me with any other questions. Thanks!
Yes you're supposed to live at the property for at least one year as your primary residence which means at least 51% of the time.
Thanks guys. This is helpful!