How long do I have to live on the property to qualify for residential financing?

[Reilly Brown]

Lets say Bob lives out of state, but he sees a great opportunity in Las Vegas, and wants to take advantage of the benefits of FHA loans. Keeping everything 100% legal, how can he minimize his time in Las Vegas while still having it qualify as a primary residence?

[Bill B.]

He’s going to move there, become a resident, get his new drivers license and register his cars within 30 days as required by the DMV. Get homeowners insurance and tell the county that it’s primary home and not a rental because there are different tax rates and lying about its use would be a bad idea. Obviously the mortgage and utilities would all be in his name with the property as the billing the address. And 1 year later he could move back to his state with a higher cost of living and a state income ta.  After all, he’s going to sign a form saying he’s going to occupy the property. 

He’s not dumb enough to get a landlord policy or rent out a property he’s already told the taxing authority his a primary home, after all, if it was a great deal and he didn’t want to occupy he could afford to pay the extra 1-2% interest like other investors. I’m sure he isn’t looking to screw over the idiots willing to borrow such a shifty person money. I know I know. You asked how to do it legally. But I’m assuming your friend knows the correct answer is move there for a year, only he can decide if that’s worth it to save a few thousand a year in interest. Hopefully the lack of income tax, lower owner occupied property taxes, and cheap insurance make up for the cost of moving.