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Updated almost 3 years ago,
House Hacking out of state with FHA
I want to house hack a Quadplex in a different state. The only thing that concerns me is getting qualified for an FHA loan. I've been told so far that I won't be approved cause I need to work over there and show pay stubs for at least 15-30 days. My goal is to avoid a rental agreement before hand or even moving twice. I want to purchase a quadplex and then occupy it and live rent free to save up more funds. The concern with lenders is that I may be trying to have an investment property at 3.5% down which is not the case. Is anyone aware of any creative solutions to this problem to help me get approved or is the only solution to either work there for that long or to put 20-25% down and purchase as an investment property?