Updated about 1 year ago on . Most recent reply
Assume FHA mortgage owner occupancy requirement
So I have a slightly unique situation (At least I think it is) but I recently assumed an FHA mortgage. The mortgage started 2 years ago before I assumed it and obviously the seller met the owner-occupied requirement by living in it for a year. So, my question is that because I am not starting a new FHA, and continuing the one started 2 years ago, do I have to now live in it for a year as well? Or has that requirement already been met? I do plan on living in it for a year at least but I want to redo a large amount of the interior so it would be much easier if I did not actually have to be living in it yet. Thank you for any advice.