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Updated over 3 years ago,
FHA loan but don’t want to live in one of the units. Thoughts?
I am currently about to close on a multi family unit with an FHA loan. But I really want to stay living in the suburbs. I'm sure plenty have done it before where they got the loan but live somewhere else in the first year. What do I do to get around that? Simply change my address to the fha loaned building & put some utilities in my name? Maybe find a private renter in the suburbs that takes cash so my name & credit isn't on paper that I'm living somewhere else? Is this whole thing a bad idea? I know the FHA aren't the FBI and very rarely check if the person is actually living there. People in my predicament: how did you go about this?