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Updated almost 8 years ago on . Most recent reply
FHA Season Period Question
Hello....
My husband and I are looking to secure an FHA loan for a property in Texas (Dallas). We live in LA. This is our first FHA loan. I'm not sure if we can live there yet or not. If his sister were to live there for the full season period plus, does that still qualify us for the loan? Any advice would be great?
Does it make a difference if we get a single family or duplex in this equation also?
Thank you!
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Chris Chesser no, nothing like that at all. Many investors use FHA loans to purchase multi-unit properties since your downpayment is still 3.5% on a multi unit (as opposed to 15% with conventional). You can certainly rent out rooms/units. You must occupy the property though. Feel free to ask more questions if needed. Thanks!