HomePossible loan infomation

[Juan Alvarez]

With the HomePossible loan, does the borrower need to occupy the home they’re purchasing for a set amount of time before renting it out (multi family home) ? Does the FHA rule of living in the residency for a year apply to this loan as well?

[Dan Mackin]

The 1 year residency rule does apply to HomePossible. You will find that almost all owner occupant loans will have at least a 1 year occupancy requirement, not just FHA. If it's multifamily you only have to occupy one of the units.