Updated about 11 years ago on . Most recent reply
FHA loan
Hello BP family, I wanted to take out a FHA loan for a 1-4 until building because I feel with the 3.5% DP that's a good route to go. My question is I know in order to go this route you must live at the property at least a year before leaving. Right now I have a home with my wife and two boys and obviously have no desire to live at another residence. I've heard a few real estate experts explain to me that they know quite a few people that have done the FHA route but didn't live there and nothing happened. Before I dive into this endeavor, I wanted to make sure if this was a good move I don't want to face any legal penalties by doing this? How would anyone even find out? Your feedback is much needed and appreciated!