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Updated over 6 years ago on . Most recent reply

Juan Alvarez's profile image
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Juan Alvarez
  • from Fort Worth, TX
  • Member since Aug 8, 2018
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Juan Alvarez's profile image
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Juan Alvarez
  • from Fort Worth, TX
  • Member since Aug 8, 2018
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Juan Alvarez
  • Fort Worth, TX
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HomePossible loan infomation

Juan Alvarez
  • Fort Worth, TX
Posted
With the HomePossible loan, does the borrower need to occupy the home they’re purchasing for a set amount of time before renting it out (multi family home) ? Does the FHA rule of living in the residency for a year apply to this loan as well?
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Dan Mackin's profile image
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Dan Mackin
  • Real Estate Agent
  • from Erie, CO
  • Member since Nov 5, 2014
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Dan Mackin
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  • from Erie, CO
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Dan Mackin
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  • Erie, CO
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Dan Mackin
  • Real Estate Agent
  • Erie, CO
Replied

The 1 year residency rule does apply to HomePossible. You will find that almost all owner occupant loans will have at least a 1 year occupancy requirement, not just FHA. If it's multifamily you only have to occupy one of the units.

  • Dan Mackin
  • 720-466-3378
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