FHA 203K - Primary Residence While Working Two Jobs

[Matthew Dea]

Hi all, 

I really appreciate these forums and all the knowledge and experience that this amazing community has.  Thanks to BiggerPockets and everyone! 

I wanted to see your thoughts on the below scenario: 

I currently have a mortgage on a single family in the Bay Area.  The mortgage loan and title is under my name only.  My wife and I have been filing our taxes as Married Filing Separately due to my wife's hefty student loans.  

My wife works two jobs: one in San Francisco and one in Florida. Both jobs allow for telecommuting, however my wife does travel to Florida frequently for her job. She would like to purchase a fixer upper multi-family in Florida. This would be her first property and it would be under her name only. Because she also works in Florida and travels there for work, she was thinking she could claim this property as a primary residence and try and qualify for an FHA 203K loan to buy and rehab the property and take one of the units during the 1 year FHA timeline.

Would this type of setup be valid for a FHA 203K loan?

Thanks in advance for any input that you have! 

Matt

[Matthew Dea]

@Jaron Walling - appreciate your time in writing a reply! Any insight if this scenario would work to qualify as a primary residence in the eyes of the FHA 203k folks?

Agreed it’s our student loans, however we structure our taxes in a way that works for us where the government will take less of our collective income based on my wife’s government student loan income based repayment structure. 

Florida market is of interest to us because we have family there and also connections to contractors and agents that our family have used. 
 

Thanks again for your time!