The Specifics of FHA Residency

[Nathan James]

So I've been thinking of ways to creatively and legally utilize an FHA loan to fund a multifamily property. Reading the FHA guidlines I've seen that if I have another name listed on the mortgage only one of us needs to live there to satisfy the requirment. I have family that needs a place to stay so that's easy enough for me to move forward. However, I can't help but wonder... assuming that the property condition qualifies for the FHA in teh first place, what does it look like if a unit of the property is undergoing major renovations that require the owner to live elsewhere until the repairs are finished? Can you establish residency, or "intent" to reside and still be meeting the FHA guidlines while renting out the other unit to mitigate holding costs?