-
04-26-2011, 10:21 PM #1
Fixer Upper
- Join Date
- Oct 2009
- Posts
- 32
FHA Occupancy rules ... Very ambiguous
I'm looking at some re-finance paper work for my primary residence and it states "Occupancy Certificate" that has a check next to "Primary Residence - Occupied by Borrower(s) within sixty (60) days of closing as stated in the Security Instrument I/we executed"
Questions I have are:
1. How many days after I "occupy" can I leave? In the case I relocate for work or even want to buy a second home, when can I legally do that. Note there is no 1yr mentioned anywhere in this paperwork, just this short statement.
2. If I buy a second home I must use non-FHA (like a USDA or conventional loan), correct?
I did some digging and found this;
FHA defines Principal Residence as a property that will be occupied by the borrower for the majority of the calendar year. At least one borrower must occupy the property; residence must begin within 60 days after signing.
ii. An individual or couple owning a home covered by a mortgage insured by FHA that will be kept may not purchase another principal residence with FHA mortgage insurance except for under the following circumstances:
1. Relocation



LinkBack URL
About LinkBacks






Reply With Quote
Bookmarks