How long do you have to live in the property for FHA 3.5% down?
I am interested in purchasing a fourplex with a 3.5% down, FHA loan. Currently I am in grad school and attend school out of state to where this property is located. I spend about 6 months in St. Louis (where this property is) and 6 months in Oxford, MS (Hotty Toddy) for school. I was wondering if it would be possible for me to qualify for a FHA loan even though I would not be living in the fourplex for the entire year? The numbers would still cashflow with one of the three units being owner occupied (vacant), and was thinking of doing AirBnB for my unit while away at school to help improve the cash flow while I'm gone. I'm concerned that me not occupying the unit for the entire year would violate the loan. Any help is appreciated. Also, always looking for other investors to partner with (this would be my 4th deal) :).