Posted by Floyd Scotton on August 06, 2003 at 22:44:07:
Fauver, Be very, very careful. You are only allowed to have one FHA loan at a time unless the LTV is 75% or less. Also you are bordering on a fraudulent transaction with the SFR. You say you will live in the 4plex, that means you can’t “live” in the SFR at the same time. Occupancy issue!!! You may want to consider a NOO loan for the SFR if your credit will warrant it. That way you don’t run into any problems should your lender find out you don’t live there over this next year.