Updated about 6 years ago on .
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Legal Questions on FHA Loans
Hi BP,
I'm an investor from Chicago looking to potentially purchase my first property using an FHA loan. If I went this route I would rent out all of the units from day one (i understand that this is only permitted after 1 year of owner occupying) which brings me to a couple questions..
1. Has anyone been checked on to ensure they were using the FHA loan properly and occupying one of the units?
2. Do you think this is a risk worth taking?
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@Account Closed I was initially leaning more towards no, but heard from a few people that it's a common practice and that it's very lightly regulated which brought me to BP to get additional opinions. Thank you guys for the help!