FHA Tips - Posted by Garth

Posted by Nate on March 14, 2001 at 12:15:15:

No, you cannot purchase 2 separate properties for a total of 4 units. You can purchase ONE property as owner-occupied. It can have anywhere from 1 to 4 units in it. But you cannot do what you suggested, at least not with FHA owner-occupied financing for both duplexes.

The only way this might work would be if you wanted to acquire 2 duplexes that were adjacent to one another, and the seller owned both and was willing to file the deed to consolidate them into one property. Then you might be able to swing it, but not being intimately familiar with the FHA multi-unit requirements, I am not certain. Just thinking out loud.

Good luck,

FHA Tips - Posted by Garth

Posted by Garth on March 14, 2001 at 10:08:13:

I am looking into a Duplex purchase likely using FHA where I would live in one unit but then I got to thinking is there any creative way to expand this purchase to take advantage of the low down, good rates of an FHA?

I know you can max out on FHA at 4 units but does that have to be in the same complex? We want to buy this duplex to live in but can I purchase an additional duplex at the same time and as long I live in one unit I still get the low down advantages? I hope I am making sense here but I guess I am asking can I purchase two duplexes at one closing each duplex has a separate address in other words they are not attached but as long as I live in one unit of either duplex can I still purchase the units with the primary residence low down advantages and avoid any required large down payments? If so what would I have to do? What would the seller have to do to make this possible?

The homes would be purchased in Florida.