Hey all -
New investor here. My husband and I currently own our own home with a conventional loan. Our plan is to do a few more renovations in the next couple of months to add value before placing it on the market. We would like to purchase a duplex and house hack as a start to our investment journey. The duplex we would like to buy is not currently on the market but will be soon, so we would like to act fast. We also plan to do a few updates on this duplex before we move in.
So, my question is - how understanding/flexible is the FHA in these situations? What if it takes us longer than the required 60 days to be ready to owner occupy? Is anyone truly paying attention after all of the paperwork is filed? Our lender is great, has 18 years of experience and is confident that we will not run into any issues. I'm just nervous about unknowingly committing fraud and starting out on the wrong foot.
I don't think anyone will care about the 60 day rule.
My father would take a sleeping bag when he bought a FHA loan home ( back in the day) In the 1960's - 1970's. And come home and say the neighborhood was not what he wanted his family to live in. Guess there was a one year rule for that, But what he did was on the up and up.
Maybe there is also an exception to the rule in your case!
Good luck and tie down as much RE as you can!