Can you buy a multi-family home with a FHA loan in another state?

I'm currently in NY but I'm looking to relocate soon to another state. Can I purchase a multi-family home in another state with a FHA or conventional loan and rent it out until I make the move?

5 Answers

  • 1 month ago

    Talk with a loan officer. Yes, FHA does offer loans on multi-family property (duplex, etc).

    BUT!!!!!!!!!!!!!!!! one unit MUST!!!!!!!!!!! be owner occupied

  • 1 month ago

    with fha, it is required to be owner occupied for at least a year I believe. if you were to find something with tenants in place and move in 2-3 months (since tenants would have to be given notice anyway-assuming they don't have a current lease), a bank might work with you..but you would have to discuss it with the bank.

  • 1 month ago

    FHA allows the purchase of up to a 4 family home as long as you live in it. FHA is a federal program, not a state program.

  • 1 month ago

    If you use FHA, you must live in the home.

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  • 1 month ago

    Yes, you can buy (up to) 4 units with FHA but you must occupy within 60 days.  No such requirement with a conventional mortgage.

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