I know another FHA question

[Account Closed]

I know that a 5 unit is a multifamily. But what if it has 4 units with 2 beds and one unit is a single bed, could i still get a FHA loan and say I live in the single, becuase it is required to do so. And another question is, I have read that if you get a FHA loan and a year later or however much time it takes you to convert it to a conventional loan you can go back a get a FHA loan again for another duplex or house or what ever.

[Philip Bashaw]

Senad,

I have looked into this quite a bit and you do have to occupy one of the units. Its a great way to get started in RE investing. You can refinance after just 6 moths.

FHA also has a commercial product for 5+ units, but its much harder to qualify for due to a lot of different criteria.

I can put you in touch with a really good FHA lender if you are seriously looking or even have something under contract. Let me know and I'll forward it to you

Phil