What happens to my rate if I decide to not live in duplex?

5 Replies

I am about to put an offer on a duplex and I would appreciate some help from you guys. We may live in one of the units and will be applying for primary residence mortgage - what happens with our mortgage rate if after the inspection or after we close on the sale we decide we do not want to live in one of the units?

@Stevan Radojevic it's mortgage fraud to get an FHA loan and not live in the property for at least a year. If you aren't ready for that commitment, why don't you partner with someone or find a private lender to finance the Down payment?