Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago, 05/28/2018
FHA Loans and Not Really "Living" at the Property
I'm currently in the midst of acquiring a multi-family property and have a question regarding taking an FHA loan out but not really "living" at one of the units.
See, I currently live alone with my parents and would prefer to keep it that way as I have no OOP expenses save for my own. The property I'm planning on purchasing is actually on the same street some five houses down. My idea is to take out an FHA loan on the property and "live" in one unit, as in have my mail and whatnot set for that address, but still stay at my parents. This way I'm able to rent out all of the units and continue not having to pay rent.
My questions are --
(1) How does the FHA know whether or not you live onsite? Do they physically check?
(2) If I rent out all of the units, can I still do a standard rental lease for the unit I'd be "living in," or would I have to go the roommate route instead? Does FHA care?