New to Real Estate · Member since 2021 · 58 posts · 26 votes
I am pre-approved for an FHA loan on a property. If that property is occupied, how exactly should I go about moving in? Do I just have to axe someone living there? That seems like a good way to ruin my reputation, and I'd like to find another way if I can.
FHA is a Owner Occupied loan and you must begin living in the home within 60 days of closing the loan. The best way to approach this is have the seller begin the process removing the current tenant. Otherwise if you close and then begin removing the tenant you could find the process to remove them takes too long and you run into issues with the lender. This could also be placed as a condition on your Purchase and Sales Agreement so that the seller must remove the tenant prior to closing.