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Updated almost 6 years ago,
FHA on owner occupied motel?
As the title suggests I am wondering if it is possible to get a FHA loan on an owner occupied motel. The motel is 5 units and there is a two bedroom trailer to rent in addition to the one bedroom house. I would be purchasing the motel from my grandparents so if there is another option outside the FHA that would work utilizing any family loopholes or deals to keep the down payment low I would appreciate any input! My hope is to keep the down payment below the savings from not having to use a real estate agent so that my grandparents could potentially pay my down payment and maybe save a few themselves.
Thanks