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Updated over 3 years ago on .

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8
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Financing, FHA loan

Posted

So I am very new. I have limited debt and after a divorce rebuilding my credit. I am interested in a duplex or triplex with fha financing for the down payment assistance. For reasons out of my control I can't actually live in the duplex. Or more specifically i cannot change residence with my children due to custody. My question is how do i get around this? My children and I live with my mother i pay many of her bills and care for her (she is severly disabled and elderly and this saves me money to invest and save) the house we live in will be mine. Is it possible to say purchase a duplex and only rent out one and just not rent out the second for the first year? I could do that financially if I find the right deal. Or even just go in there on weekends and what not? Anyone else experience similar? Advice? Different directions? Im working on building a network in my area. To go with potentially another style loan would mean a massive (in the area im interested) 40k/70k down and its unfeasible in my current state. We have maybe 80k equity in our current home but convincing my mother to use it has been difficult.