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Updated over 6 years ago,

User Stats

35
Posts
7
Votes
Samuel Ruelke
  • Realtor
  • Orlando, FL
7
Votes |
35
Posts

Apartment and FHA loan on first 2-4 unit property?

Samuel Ruelke
  • Realtor
  • Orlando, FL
Posted

Hello everyone! So here's my situation: I just signed a new apartment lease but I'm not going to let that hold me back from purchasing my first property... My questions is this: when it comes to and FHA loan, is it possible to retain an apartment lease and utilize an FHA loan to purchase a 2-4 unit multi family property? I know that FHA has a requirement of living on property as an owner/occupant for a minimum of 1 year. Would that requirement be satisfied if I lived in the property for 4days out of the week and then utilize the apartment the other 3 days of the week? Would I be in some sort of violation of that requirement if I did that, or maybe in violation of another requirement that I'm not aware of?

Thanks!

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