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Updated over 5 years ago on . Most recent reply

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Ryan Cleary
  • Investor
  • Palm Beach County, FL
330
Votes |
370
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FHA Loan occupancy question

Ryan Cleary
  • Investor
  • Palm Beach County, FL
Posted

My girlfriend and I currently own a primary residence in New York and are looking to purchase a 4-plex in Florida. We will be renting our current place out, I will be moving in with family as my job is located in New York.  My girlfriend is currently working remote so she would occupy one of the units in the 4-plex. 

We are looking to take advantage of an FHA loan low down payment. Would she be able to split her time between Florida and New York or would that raise a red flag?

Would it look bad if she took on a roommate as well?  

Thanks!

Most Popular Reply

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Scott Wolf
#5 Real Estate Deal Analysis & Advice Contributor
  • Lender
  • Boca Raton, FL
950
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1,948
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Scott Wolf
#5 Real Estate Deal Analysis & Advice Contributor
  • Lender
  • Boca Raton, FL
Replied

@Ryan Cleary, you'll need to speak with an FHA expert or attorney(which I'm sure I can recommend if needed), but I'm assuming same as dodging NY Taxes, if it is her primary residence and she's there more than 50% of the year, you should be OK.

  • Scott Wolf
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