FHA Loans on Fully Leased Properties

[Thomas Blocker]

Hey everyone,

I'm looking at a duplex that is fully leased out. 5 months remain on one unit and 8 months remain on the other. I do have the intent of moving in, but wondering what the thresholds are. I've read that you only have 60 days from the purchase date to occupy the property...is that accurate?

Curious to hear how anyone has worked around this to get qualified for an FHA loan. I am considering "buying out" the 5 month lease on one of the units... but not sure how to go about this (would this need be an agreement with the Seller who would have to arrange this with the tenant?).

Would appreciate your advice - I'm a first time investor!