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Updated about 7 years ago,
FHA loan to purchase multifamily
I am saving money to purchase a 2-4 unit home using an fha loan. My location is central NJ but there seem to be more affordable multifamily homes south of me. I understand that to use an fha loan you need to live in the property for at least a year. Does anyone know if I can get away with living in the property on just weekends? I work in NYC so if I buy a property more south of where I live it would be more convenient to stay in my mother’s home during the work week. I am only interested in the property for income, not living, but I do not have the money to put 20% down on a regular loan.
Also, any general advice about fha loans and renting is appreciated, thanks!