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Bond 77 and/or TMP 79 Occupancy

I see that the TMP 79 down payment assistance program requires owner occupancy. Is there a time period on this or is it required throughout the length of the loan. In other words, if I used the TMP 79 program to purchase a home, would I be able to move out of the home after 5 years, but continue to own the home and rent it? Or would this require a refinance?

A side question, may TMP 79 be used with a conventional 97 loan?
  • August 19 2013 - Tyler
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Answers (1)

Profile picture for B2 Funding
definition that most lenders have for owner occupied properties is that you must be in the home for 1 year of the closing date. This is standard for FHA or conventional so if you plan on 5 years and leaving you should be fine. For the TMP program if you qualify it will still depend on the lender. I have some lenders that will take it and some that will not
  • August 19 2013
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