I am a new investor. My work has taken me away from my home state of California where I was hired out of. I am working in Atlanta and thinking about using an FHA loan to purchase a 4 plex in Atlanta. I need to continue to use my CA address on my W2 for taxation purposes. Can anyone think of a reason that I would be unable to get an FHA loan on a Georgia property that I am occupying if I need to continue to use my CA address on my w2?
@David Lasky, welcome to ATL! Hope you're getting settled in. Is the home in California being sourced as a rental now? Did you purchase the home using an owner-occupied FHA or a conventional mortgage? I'm neither a CPA nor a lender, however, if you're filing your CA home as your current residence then this may interfere with FHA approval. The best bet is to speak with a lender to seek insight. If interested, I can connect you with several local ATL lenders to help you get started. Feel free to reach me via cell or email to connect (contact info is listed in my bio).
@David Lasky actually, FHA will approve you to have a second FHA-backed, owner-occupied loan on a 4-plex as long as you have a valid reason (like moving to GA for work) and having the new property be 50 miles or more from the original FHA-backed property. You will have to provide a lease for the CA home or make enough to carry both mortgages within FHA income guidelines. The larger challenge in my opinion is going to be finding a 4-plex in metro-ATL that will not be sold from under you because of the speed and reduced contingencies your competition is going to present for anything on MLS. I suggest you look for off market properties using the methods that wholesellers use to find properties. Good luck and welcome to ATL!
Thanks for the info. I am still renting in California. Or should I say I am subletting my place in CA out to someone else. The Atlanta residence would be my first home purchase. However I do not want to give up my CA residency since I make more as a distant hire than a local hire. I guess my question is can I claim CA residency and have a FHA mortgage on a Georgia home?