Hi B.P family,
I purchased a two family seven months ago, one unit has three bedrooms and the other has two. My wife, daughter and I live in one unit ( 2 bed) and I have tenants occupying the additional unit. My mother in law now lives with us and we're looking to add an additional family member to the household. Due to this, I'd like to move out and purchase another home because our unit is too small and is not suitable for five people. I purchased with FHA...am I able to purchase another home to occupy or do I have to wait a minimum of a year before I move?
Plans can change. The 1 year is a guideline. Talk to your lender and see what they can do for another loan for you.
Hi @Crosby Afolabi ,
Great question. It is great to be in a position of helping family members in a situation like yours.
Generally, if you're buying another home, it would have to be with a loan product other than FHA and make sure that you're not breaking any owner-occupancy requirements of your current loan. The best thing would be to consult an experienced loan professional. Feel free to DM me with any questions to make sure your process goes smoothly and you have all the information you need to accommodate your family.
@Dustin Allen Thank you! This is very helpful
@Ralph DiBugnara Thanks! I’ll send you a message shortly.