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Updated almost 10 years ago on . Most recent reply

User Stats

32
Posts
10
Votes
Gavin M.
  • madison, WI
10
Votes |
32
Posts

203k loan

Gavin M.
  • madison, WI
Posted

looking for a little direction

We live in a small 900 sqft house free n clear with couple acres.  We live next to alot of her family and our goal is to add on to the existing house. Were both self employed. I install tile and stone.

I want to buy a duplex with 203k loan. I see I have to live there so could I move my address there and still live at our home? Maybe stay there on weekends or something?  looking for advice thanks in advance

Most Popular Reply

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3,503
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2,609
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David Krulac
  • Mechanicsburg, PA
2,609
Votes |
3,503
Posts
David Krulac
  • Mechanicsburg, PA
Replied

@Gavin M.

 & @John C S.

Don't do it. FHA 2013K is for owner occupants. If you lie on the mortgage application you are committing a Federal crime subject to 5 years in prison and a $250,000 fine.

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