Using FHA Loan to buy Multi-family property with a partner

[Syed Rizvi]

Hello everyone,

I currently live in Houston, TX. I would like to purchase a multi-family property in Austin, TX through financing. It seems to me that an FHA loan would be my best best because of the low down payment required and low interest rates. However, because I do not live in Austin and I do not plan to live there (at least not any time in the near future), is there a way I can still successfully apply for an FHA loan? I understand the FHA loan requires the buyer to live in the property for at least 1 year.

For example, I have a good friend who lives in Austin and I would trust him to live in one of the units of the property and manage it for me. Would it be possible for him and I to put our names on the deed or lien, and the requirements of the FHA loan would be satisfied if either of us is living in one of the units?

Any help would be much appreciated. I am very new at investing. :)