FHA owner occupancy

[Amy Lee]

Hello everyone,

I'm still in the learning process but is somewhat convinced now might be the time to pull the trigger. I have moved to this area just a couple weeks ago and signed a 15 month apartment lease. My concern is if I'm able to find a home to househack, I could potentially be paying double monthly payments if the apartment is not able to find a tenant or if I'm not able to find a tenant quick. I understand you should have an emergency fund to cover for unexpected maintenance or not having tenants and all that but is there some kind of clause on a FHA that allows the home owner to temporarily stay in a secondary home during the reno phase or something of that sort? Thank you so much for your expertise!

[Taylor Dasch]

There is never a bad time to pull the trigger in my opinion. Ask the apartment if there is a way to get out of the lease. I'm not sure of all of the rules on FHA but I think you have to occupy it within 30-60 days. If you do an FHA 203K loan it may be different because obviously the house needs work so they shouldnt expect you to be able to move in immediately.