FHA Loans

[Jeremiah Damiron]

Hello everyone,

Not sure if this has been previously posted or someone else is in a familiar situation but I have a question regarding FHA loans. Now I understand that the property must be a primary residence in order for me to qualify for one of these loans, but I am a college student from Syracuse, NY but I'm currently residing in Bradford, Massachusetts. I would like to be able to look into a property using a FHA loan, because I want my own place to live while I am back home from school. The question is I am leaving back to school 4 months down the road and no longer live in the state that the property is in, could I rent out where I was living previously or will that mess with the terms of the FHA loan?

My main take away from this post is I'm looking to get ownership of a house as a primary residence and rent out the other units. What is the most realistic way that I can be able to have a house down in Massachusetts that I can live in when I am not in school and still have ownership rights and possibably collect rent while I go back to school in Syracuse?

Any advice is considered, thank you!

[Michael Smith]

Whether or not this can be considered your primary residence in the eyes of the lender depends on your source of income. If your job is in New York it will likely be considered an "unreasonable commute" and will not fly.