FHA Loan and House hacking
I recently asked my Real Estate professor if I was able to constantly take out FHA loans, after I have lived at the property for 6 months or a year. He told me that I was only able to "house hack" one time, since it was only for first time home buyers. Please advise!
Also, is there a way to NOT live at the property for the 6 months or 1 year? (Professor says that it is not possible because it is a Federal Crime). Was curious because I thought I heard Grant Cardone said that he "changed his mind" when house hacking.
Most Popular Reply
Vang Cha
When you are closing the loan you sign a documenting swearing that you "intend" to stay in the property at least 1 year. But if you have to move out for like a new job relocation then it's okay.
Typically, you can use the FHA loan again if you haven't purchased a home in the previous 3 years and a few other circumstances.