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how long do i have to live in a property if i buy it with a fha loan? I would like to buy a house bu

  • December 23 2011 - Nashville
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Answers (8)

Mr. Adams, 

Your statement, "That 12 month time frame is from thin air," is absolutely false!  

Do you not read the documents you have your clients sign?  You might want to review FHA's Deed of Trust, specifically "Section 5. Occupancy, Preservation Maintenance & Protection of the Property; Borrower's Loan Application; Leaseholds."    

  • December 24 2011
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Andrew is absolutely correct. If you purchased with an FHA mortgage and the intent was to convert it to a rental, waiting 12 months and 1 day does not absolve you; it's still mortgage fraud. 

"Hey! I just confirmed that one today from Claudia Abbott at Bank of the Pacific! I'm glad to inform...1 year is the standard rule."

Well tell Claudia that she's confused and giving terrible advice that may have legal consequences to the people that listen.

  • December 24 2011
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Profile picture for sryan1980
One year. But anyone that benefitted from the first time buyer's tax credit over the past few years has to live in the home for 3 years or will be forced to pay back the $8,000 they received
  • December 24 2011
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That 12 month time frame is from thin air. Please provide the wording from an FHA, Fannie or Freddie mortgage or note that has a time frame. The only time I have seen an actual time frame is with grant programs.
  • December 24 2011
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Sharon is correct, when you sign the loan paperwork for a Fannie, Freddie or Government loan (FHA, VA, USDA), you are agreeing to move into the property within 60 days and live there as your primary residence for 12 months after you move in.

Hope that helps,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
  • December 24 2011
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It comes down to intent and you do not intend to use the property as a primary residence.  You may not get caught but you are commiting bank fraud.

Just my .02
  • December 24 2011
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Profile picture for Sharon Lewis
Look at your contract, normally you agree when you purchase an fha home to make it your primary home for a year and I understand that FHA is checking....
  • December 24 2011
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Hey! I just confirmed that one today from Claudia Abbott at Bank of the Pacific! I'm glad to inform...1 year is the standard rule.
  • December 23 2011
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