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?
- real estate guyLv 71 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
- SimplytheFACTSLv 71 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.
- curtisports2Lv 71 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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- realtor.sailorLv 71 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.