A nice little fourplex in a good area is coming on the market and a broker contacted me about it. Since we currently have a VA loan on our primary residence, considering using FHA financing to make an offer ... we would live in one of the fourplex units and rent the other three ... the fourplex has 2 2/1s and 2 1/1s. It also has 16 storage units on the property that the seller wants to include as a package deal ...
My question concerns the storage units ... am I wrong in assuming that an FHA mortgage on the fourplex cannot be used to pay for the storage units along with the fourplex? If it can't be used, is it possible or how hard is it to chop up the deal, using the FHA mortgage for the fourplex and paying cash for the rental units?
Thanks in advance to anyone that's seen a similar situation and can comment!
My question concerns the storage units ... am I wrong in assuming that an FHA mortgage on the fourplex cannot be used to pay for the storage units along with the fourplex? If it can't be used, is it possible or how hard is it to chop up the deal, using the FHA mortgage for the fourplex and paying cash for the rental units?
Thanks in advance to anyone that's seen a similar situation and can comment!