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Updated almost 7 years ago on . Most recent reply
How do FHA loans work?
If I were to finance a MF deal with an FHA loan, do you have to live in one of the units for a certain period of time?
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Lauren Dwyer the short answer here is Yes. You are required to live in the property for about 12 months and to move into the property within 60 days (or so) from when you close. FHA loans require that a borrower must occupy the home.
Conventional loans do not require that you live in the home. But if I can guess here a little...FHA loan will have a significantly lower down payment for a multi-family unit - 3.5% down.
Feel free to tag me with any other questions. Thanks!