Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago on . Most recent reply
FHA seasoning, is my lender confused???
I bought a home with a conventional mortgage 10 months ago with 20% down. I have now found a fourplex that I would like to use FHA financing on (& use as my primary). However, my lender has told me that I cannot even apply for a FHA loan until I have owned my current house for 1 year; and that this rule was set by Fannie.
I've read the FHA and Fannie Mae guidelines and cannot find this rule in there. I've called their helplines and they hadn't heard of this. I understand the borrower must commit to live in the property for 1 year but cannot find anything anywhere about the 1year requirement my lender speaks of.
Is my lender confused? What's the real deal?