Help! Underwriter doesn’t believe we will live in 4-plex!
Hello everyone, long time lurker! My wife and I are a week away from our closing date on an FHA 4-plex and the underwriter has said they do not believe we would live in the property.
Our plan was to sacrifice quality of life for 1 year to get a great deal and it would give us a chance to sell our liability which is a 1 bedroom in a high rise on Clearwater Beach.
The 4-plex has all 2 bedrooms units and we are newlyweds that will need more room soon. We own a few other quads and a triplex, but have been saving our fha loan for the right opportunity (at a higher price point.)
Do we have any options other than backing out of the deal and losing the inspection & appraisal money or going conventional? I was wondering if anyone else has had a similar experience. We really do want to live in the property!
Thank you,
Eric & Jessica Mayer
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@Eric Mayer
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