Profile picture for user84289989

My girlfriend would like to buy home with tenants in it. Now she only qualies with FHA loan.

What happens if she get caught not living in the property?
  • August 27 2013 - Los Angeles
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Answers (5)

Profile picture for Brookstone Mortgage
Why do you only qualify for an FHA loan? 
  • August 27 2013
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FHA will require her to live in one of the units for at least one year, and they do follow up to make sure the borrower lives at the property!

  • August 27 2013
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That would not be a good idea unless she actually plans to live in that building. FHA loans are meant for purchases or refinances for a primary residence, so she must be living there. She can definitely get in big trouble if she lies and does not make this her primary residence so be careful!
  • August 27 2013
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FHA - Loans are provided to primary home owners that live on the property.  FHA loans can be used to purchase up to 4 units.  She can live in one and rent out the other 3 and achieve the goal of having tenants.  If she purchase's a home with FHA financing and has no interest in living it and it's strictly purchasing for investment she will have an issue and commit loan fraud.  In the loan documents she will sign documentation stating that the purpose of the home was to be used as a primary residence.
  • August 27 2013
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Profile picture for wetdawgs
She will be charged with mortgage fraud and may find herself in a new home with bars on the windows.   This is a very bad idea.  





  • August 27 2013
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