I am looking to purchase my first investment property. It's a great 4plex in a college town. I would like to use an FHA loan and live in it for a while. The problem is I won't be able to move to that town for a year or so. So my question is, do I have to live in the property in order to get an FHA loan or can one of my family members live there (rent free) until I can move?
LOL - you should live there unless you're OK with mortgage fraud :) I know of someone who did that and when I found out, gently reminded him that it's something investigated by the FBI - and is punishable with prison...:(
so quite frankly, i'd really urge you not to do anything even remotely questionable. they practice you're describing is one that the gov't pays close attention to...