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Updated almost 9 years ago,
Owner Occupied FHA Multi family
Hello,
I am looking to make my first purchase and I found a duplex in a great location. Both units are currently rented but in the listing it said possible third unit. The possible third unit would be in the basement which has windows and two walk out doors. My question is, is it possible to qualify for an FHA mortgage as an owner occupant if I am living the third unit of a home that is only listed as a duplex? I am in my mid 20s and do not need anything fancy and do not mind living in the basement. It would be much nicer than any apartment I would get for the same price. The numbers even work out if I was going to move into one of the two units that are currently occupied, but honestly it would break my heart to buy a home and have to displace one of the families that lives there. I have been looking for a multi family home for a while and this is the first one that really caught my interest.
I hope I explained this well enough but please let me know if there are any other details you need to know in order to help me with my problem.
Thank you
Chris