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Creative Real Estate Financing

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Erin Heard
  • Kansas City, MO
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FHA loan while living in rental

Erin Heard
  • Kansas City, MO
Posted Jan 12 2018, 21:01

I'm new to real estate and I want to find a multifamily house to finance with an FHA loan. To my understanding I have to live in the house to receive the loan, but I currently stay in a rental and in my lease it states I have to give 180 day notice for termination.

I'm not sure the best way to go about getting the loan and still having to live at my current residence until I end my lease. My thoughts were to find a multifamily house and have a partner finance the FHA loan and continue to pay rent for my current lease until the contract is over since the point of living in an multifamily house with an FHA loan is to essentially live "rent free".

Any other thoughts or suggestions on the best way to handle this situation?

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