FHA house hack definition of "living in"?

Question

I have what is probably a remedial question BUT:  For an FHA loan I know you have to live in the place for a year.  Anyone know what the qualifiers are for that?

If I buy a quadplex using an FHA loan, get mail there, spend most of my free time there (will be fixing it up after all), and have a bed/food/Netflix there, does this meet the expectations?

Kirk R. · Answer

i think the litmus test is where your pet is! :) kinda funny but for tax purposes was reading that was big factor

Mindy Jensen · Answer

@Kevin Paglia, you are allowed to travel - you don't have to sleep there every single night.

You can't have another property you sleep at for the majority of your time and still have this home qualify as your primary residence.

The amount of time you spend fixing it up is irrelevant. You either live there or you do not live there. If you are sleeping somewhere else on a regular basis, you don't live there.

David Martin · Answer

@Kevin Paglia From the horses mouth.... https://www.hud.gov/sites/docu...

Andrew Postell · Answer

@Shaun Marks thanks for posting.  If I am following with what you are saying, when you buy your primary home you are committing that your intent is to live there a year.  Now, let's say your job transfers you across the country before the year is up....ok, you can buy another primary home.  But baring circumstances like that (family growing in size and you need a bigger house is another example) then you will not be permitted to purchase another primary home in that year's time.  I hope that answers your question.  Thanks!

Shaun Marks · Answer

@Andrew Postell I have a question don’t know if I qualify for fha or not I have 3 homes in my name 2 have heloc’s and 3rd has no lien at all it’s cashed out at moment I found a home that I would like to live in personally can I buy that home on a fha 3.5down or conventional 5% down 700 Fico my income dti are all ok not worries there just curios on the down more and I assume if I go that route I can’t buy another fha or conventional for year am I correct ?

Kevin Paglia · Answer

Thank you all for your answers.  I am looking at it as a primary. I travel a lot so I'm suspecting I'd be there 80% of the time.  Figure what ever i buy will probably need a year of labor to rehab anyways, cash fb lowing the rehabs, that is.

Andrew Postell · Answer

@Kevin Paglia to reinforce the above, your intent will be to occupy the property as your primary residence.  Where you live, sleep, etc.  You will sign documentation stating as such.

Russell Brazil · Answer

You need to sleep there.

Mason Hickman · Answer

@Kevin Paglia

Not to over-simplify but will you ACTUALLY be living there? If not, it's mortgage fraud to get an FHA so tread lightly.