203k loan

7 Replies

looking for a little direction

We live in a small 900 sqft house free n clear with couple acres.  We live next to alot of her family and our goal is to add on to the existing house. Were both self employed. I install tile and stone.

I want to buy a duplex with 203k loan. I see I have to live there so could I move my address there and still live at our home? Maybe stay there on weekends or something?  looking for advice thanks in advance

That is an interesting concept. I have thought about that too I don't know how you can get around it. I would also like to hear someone else's input.

@Gavin M.

 & @John S.

Don't do it. FHA 2013K is for owner occupants. If you lie on the mortgage application you are committing a Federal crime subject to 5 years in prison and a $250,000 fine.

Well that about sums it up for me thanks David

Simple solution move into the house.  Most residency requirements are 1 year

@ David Krulac

Thank you

When I see folks here say there buying, fixing and then selling a single family house, how does that different from a flip? Or is it same thing.

Flipping means some different things to different people.

1.  You get a house under contract, and before settling you assign the contract to somebody else.

2.  You buy and settle on a house and do nothing to it and sell to somebody else.

3.  You buy, settle, rehab and resell the house.

All 3 are flipping imho. 

A 203k loan, is an FHA loan, for Owner Occupants only. People that are flipping, aren't using FHA loans.

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