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Updated over 4 years ago on . Most recent reply
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Purchasing w/ FHA Primary Residence question
My dilemma is this... I live and rent in Los Angeles. I recently came into a small inheritance that would allow me to purchase a property around 200-300k. There's a catch though... it would need to go to a place for my mother to live (ideally I'd like to find a place with a guest house that she can live in and then rent the main house). Obviously buying a single-family home with a guest house in LA for 300k is laughable so I'm looking into WEST Bakersfield (about an hour and 45 minutes from LA). I can't afford the 20% down (plus closing) but I could do 4% plus closing but then there's the whole itty bitty detail that I actually live and rent in Los Angeles... Sorry, this is so long-winded and who knows how foolish I sound but is there a way around the FHA primary residence rule? I do technically work remotely so maybe there's something there?