Asked by Mike, 08518 • Tue May 8, 2012
If I buy a 4-unit property with FHA, live in it for more than a year, but then want to buy a "forever home" and keep the 4-unit, will I be able to get a conventional with 5-10% down, or will it be treated as an investment property, despite being intended as my primary residence? And, how will the 4-unit factor into my D/I ratio when buying the "forever home"? Will lender consider the 4-unit's PITI (2000) as debt and its revenue (3000 from 3 rented units) as income, or will lender simply look at its 1000 profit as income? Assume more than 1 year of documented rent on IRS schedule E. I'm concerned about trapping myself in the 4-unit.
Real Estate in Florence
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