Question: If I financed a SFR, duplex or even a 4-plex with an FHA loan. Do I physically have to live there for one year? I live with my fiancee in a house we bought last year. My name is not on the note and we are not married yet. Trying to utilize my single status as an advantage somehow. Thanks for any help. :)
You do have to live in the property to get an FHA loan. I'm not aware of them checking to see if you still live there after the loan closes however.
Ok thanks! I want to play by the rules. I think if we went that route then we would live in one unit and rent the other. I believe Brandon with BP calls it "house hacking".
@Gary C Jones any of the low down payment type loans will require the owner to occupy for 1 year. If you live in a house your fiance bought and you are not on the loan, then you are good to go for getting one under your name but you would have to live there for 1 year.
Awesome. Thanks @Bryan Otteson! I believe I will just have to get financed for the down payment plus repairs from a lender.