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Updated almost 2 years ago on . Most recent reply

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Robert Cioffi
1
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7
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1st time buyer fha loan multi family regulations

Robert Cioffi
Posted

When reading about FHA loans I found that one of the requirements are it may not be an investment property. There are many blogs and posts and podcasts about using an FHA loan to purchase a multi family home so I imagine using one of the units as your primary residence mitigates this requirement. It would be viewed as your primary residence but have the added benefit of being income producing. If someone plans to use the extra units for mid term rentals and the primary residence would be the home owners primary residence but their work brings them out of the area for 3 weeks out of the month so they would like to utilize their primary residence as a short term rental utilizing site like airbnb to gain income when they do not need stay stay at their primary residence. Does it matter if this is the home owner's plan? Would this be within the legal limits when seeking an FHA loan?

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