Updated almost 6 years ago on . Most recent reply
HELP-FHA LOAN QUESTION
Hi All, am working on preapproval of FHA loan from credit union to buy my first multifamily. I am in Los Angeles county, California. The loan officer said need to buy property within 60 miles of where I work. Can anyone tell me if this is an FHA criteria? or is it the credit union. If it is FHA, how can we by multifamily out of state? What is a way around this?
Thank you in advance BP family.
Most Popular Reply
You cannot, by definition, buy an out of state FHA home without committing mortgage fraud.
If you buy FHA, you are committing to living in it for 1 year. If you live in it for one year, its not out of state. If you don't, it's mortgage fraud. Pick your poison.