FHA Questions

[Matt Juels]

Hello all!

I am a California resident and am planning to purchase a home in Texas within the next 6 months using an FHA loan. I am aiming to purchase a fourplex, and owner-occupy one of the four units.

There is a caveat to my plan though: I will not be the one who is the owner-occupier. My partner, who will co-sign the loan, will be living in the unit permanently and will also act as the property manager. I will be living back and forth in both CA and the fourplex in TX.

To anyone who has FHA experience. Will this work? Will I qualify for the FHA loan if I'm not going to be a "permanent" resident? Or am I okay because my partner will be a permanent resident?

Also, many of the fourplexes I am finding are fully occupied. As far as an FHA loans goes, can I still qualify for the loan if the fourplex is fully occupied at the time of purchase?

Any help would be wonderful. Thanks!

-MJ

[Hattie Dizmond]

From HUD themselves...

The entire text of the HUD requirements can be found here...

http://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_4_secB.pdf