Eligibility question of a FHA loan house hack

Eligibility question of a FHA loan house hack

Spring Grove, VA · Member since 2017 · 27 posts · 7 votes
Question in regards to living in a FHA loaned multi: I am aware that I would have to live in one unit of the plex for a year, however does the loan take into account people that travel out of state for work for months at a time (or in my case out of the country)? For example, say I purchased a triplex using an FHA loan and lived there for 3 months before I had to leave the country for 5 months and then returned. Let's add that I have a younger sibiling that starts college next fall and they'd like to live in my unit since its near campus. As long as I'm paying the rent (even though I'd be living for free due to renting out the other units, so I guess I mean to say as long as I'm not charging my sibling rent to live there) would I be in violation of the loan? Just want to make sure I fully understand my limits so that I don't committ fraud.
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  • Chris MasonPro Member
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    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y

    Hi @Rae Edwards,

    If your employer instructs you to leave the area/country for a while or you lose your job, that isn't something you could reasonably control or anticipate, so you're fine. :)

    The people that get jammed up, for the most part, are the ones that flagrantly never "intended" to live there, and never moved in at all.

  • Spring Grove, VA · Member since 2017 · 27 posts · 7 votes
    9y
    Thanks Chris Mason because I saw in one forum someone state that they periodically come by and check. Wasn't sure how true that was. But my contracts state the duration of my leave so I'd have that paperwork to present if ever necessary.
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