How to house hack a MF home using an FHA
Hi! I've been reading a lot on BPP for the last 6 months now and am finally getting to looking at properties! I'm currently looking at some MF in the Hudson Valley and want to finance it with FHA, as it would be my primary residence...so I want to house hack as Brandon calls it.
I looked at a home that needed some rehab and the seller's agent said the seller wasn't too keen on FHA loans because she had already dealt with another buyer who also wanted to finance with FHA. The seller's agent said if I go FHA, the home has to be inspected by a specific inspector sent by FHA, and in that case, the first buyer was denied the home because it didn't pass the specific "FHA inspector" guidelines for a "203K rehab loan".
The home was built in 1940 and needed some rehab but without a contractor, I wouldn't know how much.
Does anyone have experience on how to buy older MF homes that need some renovation using an FHA loan?
Can you apply for a 203K rehab loan and still get the house approved by FHA?