Updated over 8 years ago on . Most recent reply
FHA Loan Owner Occupancy Rules
Hi,
My husband and I bought a duplex in August of 2016 with an FHA loan. We had all intentions of living here for a year or more; however, we recently learned that we will be expecting another baby soon, and this place is too small to fit another child. We REALLY want to move before I am in the 3rd trimester because the stress of that is enough to deal with...we really don't need to be buying and moving with me about to pop! We plan to do a conventional loan for a bigger SFH. We started talking with our previous loan broker, and he said we should call our loan servicer, explain our situation, and ask for an exception. We did that today, and the underwriter we spoke with acted like it wouldn't be a big deal. Well, he called back shortly and told us "no deal". I'm so upset about this. We don't have room here for a baby, and I don't want to move so close to my due date and definitely not with an infant!! Is there anything we can do??
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Quick search on BiggerPockets pulled up a few similar discussions. I'll just post the link instead of reiterating what was said in the thread :)
https://www.biggerpockets.com/forums/49/topics/114510-fha-owner-occupancy-requirements---less-than-one-year