FHA loan on leased property

[Christian Carson]

Hello all,

I'm looking to buy a 4-plex using an FHA loan and occupying one of the units myself. The problem is that the building is fully leased and it looks like I might not be able to get an open unit until April. Question is, what's the hard and fast rule on this? Will they ultimately deny me for the loan? If I decided to do cash-for-keys, how long would I have to do this?

I also have an income issue, since I just graduated from school in 2011. The loan officer told me "no problem, your history as a full-time student counts as a substitute for income history!" before sending me a preapproval letter. I find this to be quite odd. Have any of you heard of this happening?