Greetings All ~ Thank you in advance for any support with this.
I've been looking for a 3-4 unit multi-family to purchase with an FHA loan (or FHA203 if needed). While searching, I found a 5-unit property that is of interest. I know the types of FHA loans I plan to use are limited to 4-units max. At this particular property I would live in a 1-bdrm unit on the third (top) floor.
***There's a small unit with a separate entrance on the first floor (rear). To qualify this property for FHA lending with 4-units max, can I simply use this unit as my personal, at-home office - even if it is not attached to the unit in which I will live?
Does anyone have any ideas/experience with getting this to qualify for the FHA financing? I would actually like/want office space, but I may convert it back to a unit later, even if years later.
I'm in Philadelphia, PA. I've heard of people turning one unit into storage too. I'm open to ideas, I just want to be confident it will work before moving forward with the process.
Thanks again for any help.