FHA Occupancy
Hi BP Community! First post, long time follower (sort of)!
Here's my question... My wife and I are in the process of looking to buy a 2-4 unit MF property in Westchester County, NY. Our intention is to Owner Occupy for the foreseeable future. We would like to Finance the property and potential renovations using FHA 203K. IF the units are fully rented with lease agreements in place, would there be any flexibility to the FHA occupancy requirements? Keep in mind we fully intend to live there, however we must also honor the previous lease agreement.
Has anyone experienced a situation like this?
Is there a potential to draft up an addendum to the occupancy affidavit stating property owner will establish primary residency xx days after expiration of existing lease agreement?