FHA Loan Question from a newbie
My mother recently passed away and my father is looking to move out of his current home and into a new one. A condo, apartment, or duplex would be the ideal scenario for him.
He is interested in the idea of buying a duplex, triplex, or apartment complex and living in one unit while renting out the other unit(s).
My questions are as follows.
1. Can you still take out an FHA loan if you have more than one name on the loan? To be more specific, I would like to be his investing partner in this endeavor. Can my name be on the loan and still qualify for an FHA Loan?
2. Can you take out an FHA loan on a multi-unit property? I was flipping through properties and I found a 12 unit apartment complex that might be within my price range. Is there a limit on the number of units that you can use an FHA loan for?
Thanks in advance for your answers!
Greg Corcoran