Second owner occupied loan

[Remone R.]

So we bought a 4 unit as FHA owner occupied feb.2017 and just refinanced to conventional last month as owner occupied. Now my question is how long do we have to stay in the property before we can purchase another one as owner occupied? We hear different answers and are not sure. If we have a family change such as (a baby) will that warrant buying another property that may be have more bedrooms? Or do we have to wait another year before we can make another purchase.

[Chris Mason]

Originally posted by @Remone R.:

Jason DiClemente well it says we have the “intent” on occupying for 1 year. Just seems to be a gray area there.

 The general interpretation is that if you have to move in less than a year due to something you couldn't have "reasonably foreseen," you're fine. 

- Mom came down with brain cancer, I need to be near her for her final months, so I had my job transfer me to the branch near her for these final months and I moved. <--- you're in the clear.

- I want to acquire additional properties for investment purposes, and turn this one into a rental. <--- not in the clear.

Anything in the gray area between those two things, I'd suggest getting a legal opinion.