Multi-Family Used As Primary Residence (Massachusetts)

[Patrick Sullivan]

Hello All,

TWO QUESTIONS ...

1) I am planning to FHA finance a property (any property that is within the characteristics of a 4 unit) and was wondering whether it is OK to rent out a HUD property under finance to three tenants with myself being primary resident. Can I bid in the "Exclusive" period instead of only "Extended"? Can I put down "Owner-Occupant" instead of "Investor" on the HUD-1 Form? How would I inform HUD that I would most likely be accepting tenants (if I need to)?

2) When we talk about a residence being a "2 bedroom" or "4 bedroom", does the term "bedroom" equate to "unit" (i.e. one bedroom = one unit)? If not, what would a "unit" consist of? Does this vary from state to state?



Thank You,

Patrick S.