Getting an FHA loan on an additional property

[Eric Lewis]

I'm hoping I can run this scenario and get some guidance. I currently have two open conventional mortgages of which one is my primary residence, the other is a rental property that was formally my first home. My job requires me to spend two days a week in Greensboro, NC. I'm looking to purchase another investment property, preferably a multi family without tying up all my resources on one deal I thought it might be possible to purchase a multi family in Greensboro since I will be commuting there weekly for work and staying in one of the apartments and renting out the remaining and financing this through an FHA loan. From what I have researched it seems this is possible being that I would be commuting over 60 miles from home and would just have to stay in one of the units for a year before renting? Anyone know anything about doing this and if it would be possible? Maybe someone could point me in the right direction of a good investment realtor in the Greensboro area as well?

[Patti Robertson]

This a great idea and very doable, especially if the other three units are currently rented. Even if all 4 units are rented, it is doable. I can't remember the exact time requirement, but you have a certain time frame in which you have to move in after closing. You need to ask for a rent roll if you like the building, which will tell you the current lease terms - amounts and expiration dates. You can make your offer contingent on one of the units being vacant at closing to make it easier, and let the seller move a tenant out. I'm in a military town and our military folks do this all the time with their VA loans.