What constitutes full time residency

Question

What is the legal definition of full time residency once you’ve purchased a property under an FHA or conventional loan? Does it differ from bank to bank in regards to the conventional aspect? Would 178 days out of a year keep you out of any trouble with banks / loan officers?

Wayne Brooks · Answer

The standard is that it is your Primary residence....it matters not if you travel/stay away from home frequently for work...it’s not just the number of days. I’m not sure about the actual factors, but is it Actually your primary residence...are all your personal belongings there or elsewhere, driver’s license address, tax return address, etc.

Where would you be the other 177 days a year?

Carl Fischer · Answer

@Alex Hall

What address is on your driver license, passport, tax return, car registration, credit cards, church envelope, voter registration, bank accounts, work papers, etc.

Account Closed · Answer

And to add to the complexity which takes away all of the complexity anyway, lying on an FHA loan application is a federal offense, don't do that.

Theresa Harris · Answer

If this is your primary residence, then you are fine.  People are away from home for many reasons including work.  No one expects you to live in your home 365 days a year.  Some people also have a cabin they use on weekends or for trips in the summer.

Chandler Gordon · Answer

I recently purchased a home using conventional financing, but frequently spend extended periods of time out of town for work. Do these rules apply to loans with conventional financing?

Davido Davido · Answer

@Alex Hall   There is no specific number of days that you must reside in the home.  Instead, FHA enforcement actions are based on those who obtain more than one FHA Mortgage within a one year period, or rent out their FHA insured home within a year of obtaining the mortgage. You might want to check out this FHA web page https://www.fha.com/fha_article?id=371The FHA loan rules found in a document known as HUD 4155.1 provide the answer, in the section titled "FHA-Insured Mortgages on Principal Residences and Investment Properties". What follows is the FHA rules for these issues:"To prevent circumvention of the restrictions on making FHA-insured mortgages to investors, FHA generally will not insure more than one principal residence mortgage for any borrower."If you want to buy a home, the FHA expects you to use it as YOUR home.Additionally, "FHA will not insure a mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be insured will be the only one owned using FHA mortgage insurance."To further clarify this issue, FHA loan rules also add, "Any person individually or jointly owning a home covered by an FHA- insured mortgage in which ownership is maintained may not purchase another principal residence with FHA insurance, except in certain situations as described in HUD 4155.1 4.B.2.d." Those types of circumstances should be discussed with an FHA representative and/or your loan officer. Check with FHA if you have circumstances that might be considered eligible for an exception to these FHA loan rules.

What constitutes full time residency

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