Hi all. Does anyone have information on rules regarding how long the owner has to actually move into the property under an FHA mortgage? I thought it was 60 days after closing, but someone mentioned it needed to be immediately after closing. This would be difficult to require immediate owner occupancy since tenants are currently under a lease that will end around 60 days after closing date.
Any help or advice is much appreciated.
Are you planning on moving into the property? I would not close on a property i was planning to move into with a tenant who still has 60 days on lease. I would look to have current owner remove tenants after the day of purchase, or schedule closing for after the lease is up. You are asking for too many problems if you close and then you have to deal with ant issues that may come up.
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