FHA requirements for multi family loans

[Jeff Elias]

Hi all, 

 First just want to say hi to other bigger pockets members... i'm happy to be here.  I'm brand-new to the real estate investing game and just want to meet some new people in the business. 

At this point I have stellar credit and I'm looking to buy a multi family unit. I don't have a ton of money to put down so I'm looking at FHA loans. I'm wondering if there's a way to get around the requirement of living in the residence for a specific amount of time to get a conventional loan through FHA? Or is it a strict rule that must be followed?

[Logan Allec]

@Jeff Elias, congrats on planning for a smart move. My first investment was a four-unit financed with FHA financing here in the Los Angeles area, and it was a good move.

Now for your questions...

"I'm wondering if there's a way to get around the requirement of living in the residence for a specific amount of time to get a conventional loan through FHA? Or is it a strict rule that must be followed?"

There are certain exceptions, such as relocation for a job, your family grew too large such that your property can no longer accommodate it, etc., but it must be your bona fide intent to live in the property for at least one year.