Qualified as owner occupant?

4 Replies

So for owner occupied loans it's the greater of a year. Does that mean 6 months and 1 day then you can move into another duplex, for the same amount of time and get another owner occupied loan? So on and so on?

If you finance a property using one of the insured owner occupant loans, you must occupy the property within the required time period after closing (60-days for HUD) and you must continue to occupy that property for 1-year from the date of closing. There are some "hardship" caveats that will give you some leeway, but if you don't fulfill the requirements you may be disqualified from future opportunities.

It's one year, not "the better part of a year".  And, you're only allowed one owner occupant loan at a time, since you can only occupy one property at a time.

@Adam Griffis  are you asking about a specific type of loan? In general, you can qualify as an "owner occupant" as long as you intend to occupy the property after closing. You can move in, change your mind three months later, and then buy another primary home and get another loan as an "owner occupant".  There are very few loans that put a time requirement on what constitutes an owner occupant. 

@Dawn Brenengen not any specific. Just any in general that are a minimum 5% down. I thought I read the same as what you said. That as long as you stayed for a little bit after you bought it, it qualified as owner occupant.

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