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Updated 12 months ago,

User Stats

36
Posts
25
Votes
Faiz Kanash
Pro Member
25
Votes |
36
Posts

What happens if you buy Multifamily with FHA, but its fully occcupied?

Faiz Kanash
Pro Member
Posted

Just a quick general question.. If you purchase a multifamily property, lets say 4 units, and use FHA loan for the lower down payment benefit but the entire building is occupied, what would happen? I understand that FHA does require the borrower to live in one of the units for at least 1 year, but in the case that the entire building is occupied by tenants, whether on lease or month to month, what would happen? Would the lender not approve the loan for said property, would the lender require the borrower to evict one of the tenants, or is there something else that might happen?

Thank you!

  • Faiz Kanash
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