Updated almost 9 years ago on . Most recent reply
Owner occupancy requirement only to move in within 60 days
A conventional mortgage owner occupancy clause only states that they must intend to move in within 60 days. There is no written minimum length of time they must stay. If they move in, but their dream home comes on the market and they only stay in the first home for a couple months, is there trouble to get into or snags in the second lending process if they go for an FHA loan on that second single family if they decide to rent the first one out? Do they need a "good" reason or or is it really not worried about because the terms of the first mortgage are met as written?