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Updated about 8 years ago,
Buying a home with FHA 3.5% down and living in attached apt.
Hi, I just read an article about purchasing an investment property using FHA 3.5% down. I'm looking to buy a house ( a second home ) in my hometown near my aging parents. The house I am looking at is located in Ky , has a small apartment attached in the back of the home. This would be ideal for me to purchase, renting out the front/main part of the home and staying in the back apartment when I visit town, which is every weekend. My question is.....an FHA loan requires owner occupied in one unit, would my weekend visits qualify as such?
The other reason I would like this home, is I would eventually move back to my hometown, and live in this home myself with the possibility of doing the reverse with renting out the small apt. in the back and live in the main house. This would get me a home in my home town, near my parents and have rental income coming in.
Any advice appreciated.....Thank you.