Securing a Primary Residence Loan on a fully occupied MF Property

[Calvin Kwan]

Hi BP Folks,

In all my previous deals, I've always bought properties that were vacant and moved in to secure a primary residence loan.  I am now interested in a 4-plex that is fully occupied, but would like to OMI (Owner Move-In) to secure a unit to live in long term.  

How do I secure a primary residence loan before I owner move into a unit?  Is this even possible?  Oakland, CA requires a 60 notice for the tenants, so I wouldn't even be able to serve this until I take possession of the property.  But in order to secure the property, I need the loan.  

Thoughts?  Any advise would be greatly appreciated!  

Thanks,

Calvin

[Andrew Postell]

@Calvin Kwan most primary home loans will require you to occupy the property within 60 days of closing on the property.  So you would need to time your move-in on an occupied property so that the lease would end within that time period.  I cannot speak for all loans and all lenders here obviously so the recommendation is to speak with a lender about it.  And a hint might be that your purchase price could make this requirement even more strict.  Maybe hit up @Chris Mason as he is close to your market.