Hi 👋🏽 do anyone know how long you have to occupy a residence as a primary occupant if approved for a FHA or USDA loan?
@Ajeenah Wilkins I believe you are suppose to intend to occupy the property for one year. There are a variety of loopholes if you decided to leave sooner than one year, but you would want to speak directly to a lender to figure out all of those.
@John Warren I plan of talking to someone to get more information. Thanks a lot!
@Ajeenah Wilkins what state are you in? I have a great lender here in Illinois who can do some of the surrounding stats as well.
Have you spoken with your mortgage officer @Ajeenah Wilkins ? They are the ones who can give you the concrete answer on that. I was under the impression that it was two years, but you should double check and get it straight from the source.
FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.