Am I required to spend time in a property to FHA qualufy?

[Scott Heitman]

I own a fishing boat. I fish Alaskan water for salmon. This years season is over so I plan on wintering in the harbor town of Anacortes Wa. I stay on my boat. Moorage must be paid on the vessel when in port whether or not I'm on it so I just find it easier to stay on it year round. I like Anacortes and so I want to buy an SFR here. Is it possible to get an FHA loan calling this place "my home"even though I'm fishing in Alaska half the year and just staying on the boat the other half. This is my particular plan to house hack. Possibly akin to buying a home, renting it out, and living in the tent or tiny house in the yard.

[Kyle J.]

FHA loans on residential properties are for owner-occupants. Sounds like you'd be buying the property with the intention of renting it out and not actually living there. If that's the case, no it wouldn't qualify for FHA.

Here's an excerpt from the below article which explains further: 

"A principal residence is the dwelling you occupy for a majority of the calendar year, according to the Department of Housing and Urban Development, which sets FHA guidelines. At least one borrower who signs the security instrument and the loan note must live in the home to fulfill the owner occupancy requirement."

Source: http://homeguides.sfgate.com/fha-occupancy-guideli...