Using FHA for Creative Financing

[Nnabuenyi Anigbogu]

Hi All,

I have a plan/strategy that i am considering and i want a quick critique to make sure that none of it is fraud and that it is possible.

My fiancee and i currently own (since may) a four unit building that we owner occupy (under both of our names with conventional loan) and i own an FHA condo that im selling (only in my name and is to close escrow in 2 weeks).

I want my fiancee to purchase an FHA financed 2-4 unit by January of next year and move into it. Since i will still live in the four unit it will be still owner occupied so no breaking of the one year OO rule. We dont mind living apart for a few months (it will be within a 5-10 min drive anyways and i can see her everyday). After we get married in April she can then move back in with me or i with here. Marriage (expanding family) is one of the exceptions i found that allows you to move out of a FHA financed building before one year. Once May hits i would have had one year in my four unit and will buy another FHA or conventional financed building under my name alone.

I dont see an illegalities in doing this since i will still be fulfilling all the OO rules for each mortgage. The only place where we wont have a year of OO would be her FHA building but we will have a legal out due to her getting married.

Please let me know your thoughts