So do banks do FHA loans on student housing properties? If it's technically a duplex but there are 4 beds and 4 baths in each making it possible to rent each of the bedrooms out. I would live in one of the bedrooms.
Yeah, @Don Ellestad . As long as it's 1-4 units, owner occupied, and is below the price cap for your area, you should be fine.
@Don Ellestad this is absolutely possible and one of the great attributes to FHA loans. Now, they will only allow the income from the other side of the duplex to help you qualify. So if you are renting out each room for more...then that won't help. FHA guidelines only allow each UNIT income to help you qualify unless there's history of other means on your tax returns. My recommendation is to get prequalified with a lender to find out what you could qualify for. That will help point you in the right direction. Thanks!
Thanks for the information!
Like Jaysen said, you should be fine as long as it's 1-4 units, which you said it is.
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